Mortgages for people with bad credit are better in some ways than regular mortgages. The best thing about them is that they are easier to get, even if you have bad credit. You can also build wealth when you buy a home with a sub-prime mortgage. They also have less trouble, like not needing PMI.
Start making money.
Even if you've been bankrupt or lost your home, you can start building equity with a bad credit mortgage. With only rates...
Mortgages for people with bad credit are better in some ways than regular mortgages. The best thing about them is that they are easier to get, even if you have bad credit. You can also build wealth when you buy a home with a sub-prime mortgage. They also have less trouble, like not needing PMI.
Start making money.
Even if you've been bankrupt or lost your home, you can start building equity with a bad credit mortgage. With rates that are only a few points higher than standard rates, you can buy a home with no or very little money down. You can get tax breaks and own a home for about what you would pay in rent.
You can buy a home at today's prices without having to wait for your credit score to get better. Even though no one knows for sure what prices will be in the next couple of years, it is likely that they will be higher. If you buy a home now, you can see how much it has gone up in value.
Don't get private mortgage insurance or deal with other problems.
With a sub-prime loan, you don't have to pay for private mortgage insurance like you do with a regular loan. So you don't have to worry about premium costs if your down payment is less than 20%.
The requirements of high-risk lenders are also less strict. Even if your cash on hand, income, or credit score aren't great, you can still get a mortgage. You can also choose loan terms that are more flexible, such as interest-only, jumbo, or variable rates.
Getting a mortgage with bad credit
With more and more lenders offering sub-prime loans, it's easier than ever to find a mortgage for people with bad credit. With a quick search online, you can find a lot of options. Sorting through these results can lead to financing offers that are very good.
If you don't know where to start, talk to a mortgage broker. They look through the plans to find the best ones for you. In some cases, they also offer deals you can't get anywhere else.
Don't worry about whether or not you'll be accepted. Pay attention to getting the best terms and rates. Ask for loan quotes with estimated closing costs so you can compare them. Also, be willing to talk about better terms, especially if you want to lower fees or caps.
