Buying a Home When You’re Not Perfect: Bad Credit Home Loans
Bad credit home loans are a great option for borrowers who need financing, but who may not have the ideal credit score needed to secure a traditional loan. Bad credit mortgage loans – which can include bad credit 2nd mortgage loans, bad credit debt consolidation loans, bad credit home equity loans, and bad credit mortgage refinance loans, to name just a few – can help borrowers with less than perfect credit get financing for a new home purchase or refinancing for an existing home loan.
Borrowers who have had some credit problems in the past but who have a steady income and at least 25% equity in their current home make the best candidates for bad credit mortgage loans. These borrowers can expect the best rates for bad credit home loans. However, a bad credit mortgage lender will also be willing to work with those who are just buying their home (and who have no equity) and with borrowers who have unverifiable income streams. Since more and more borrowers are turning to bad credit home loan options, thanks to financial instability and high debt loads, many lenders are starting to offer better terms, conditions, and rates on bad credit mortgages.
Although bad credit home loans are better than ever, borrowers should see them as a temporary measure. In many cases, it is best to take out a bad credit 2nd mortgage, bad credit home loan, or bad credit home equity loan only if it is impossible to get a sub-prime or traditional mortgage. The borrower taking out a bad credit home loan should plan to improve their finances so that they qualify for a traditional loan and can refinance. Continuing to pay off a bad credit home loan for the duration of its term is very expensive, since the rates on these loans are high.
If you do need a bad credit 2nd mortgage, bad credit home loan, or bad credit home equity loan apply online or call the friendly experts at Lowest Mortgage Rates. Lowest Mortgage Rates can help any borrower get free, no-obligation quotes to compare. Lowest Mortgage Rates even puts each borrower in touch with lenders who are willing to offer great rates. With this information in hand, borrowers can save thousands – simply and easily.