Bad Credit Lenders – Get a Bad Credit Mortgage Rate Attractive to You
Posted on | January 19, 2010 | No Comments
There are many bad credit lenders that will be more than happy to help you get a bad credit mortgage rate that is attractive to you. At the present time conventional 30 year fixed mortgage rates are around 4.85%. When looking at a historical chart of mortgage rates this is an extremely low level. Even if you have bad credit you might be able to lock into a very attractive mortgage rate to you.
It is important to note that you will not be able to get the 5% mortgage rates being advertised if you are considered a bad credit borrower. If you have very little equity in your home and you have a credit score below 650 you are going to find great difficulty finding a mortgage interest rate anywhere near the levels being advertised all over the television and Internet.
Even if you cannot receive an interest rate this low it does not mean that you cannot benefit from refinancing. If you can save one full percentage point on your home loan then it would greatly behoove you to refinance today. If you continue to wait in hopes that mortgage rates are going to drop then you are risking the chance of seeing mortgage rates rise in the very near future.
Many analysts and CEOs have predicted that high interest rates are coming in the near future. The current low interest rate enviornment we are in is not going to last forever and many economists feel that by the Spring of 2010 mortgage rates could start moving higher. In March of 2010 the Federal Reserve Bank is going to stop purchasing mortgage backed securities which could push mortgage rates up as much as .5% to 1%.
A 1% change in mortgage rates could be the difference in hundreds of dollars a month on your mortgage payment. You do not want to miss out on this opportunity to lock in to some of the lowest mortgage rates in history. Even if you have bad credit you can still benefit by getting a lower interest rate to you.
Author: Jeremy North
Comments
Leave a Reply