After the recent mess in the economy that we are still dealing with, hundreds of thousands of homeowners had to go into foreclosure, and even file for bankruptcy. Because of this, their stress levels have increased dramatically. Not only did they just lose their home to a mortgage that they could not afford, but their prospects of getting another loan for another house anytime soon with the bad credit they now have seems slim to none.
Mortgage Possibilities:
Don't fret though, there are actually several ways to get a bad credit mortgage or loan to help rebuild both your life and credit score. There are many banking professions which deal only with people who have bad credit due to foreclosures or other financial mess's they may have got themselves involved in. These creditors can go by several different names which may include, sub-prime market lenders, b,c,d lending, risky mortgage associates, or simply bad credit loan officers. These people are usually trained thoroughly in helping out those with bad credit who are looking to restart their financial lives.
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Interest Rates:
People with poor credit however have to expect to pay much more in terms of interest. When a person with almost perfect credit will be approved for a 6% mortgage, someone with a credit score in the range of 400-570, meaning they are either in foreclosure, or close to it, could expect an interest rate of 8.5 - 12%. That is a major difference and on a $200,000 loan could mean the difference between paying $1,200 a month or $2,000 a month.
The main thing to take from this though is that if you really need a loan, it will be possible after some time. Don't get too flustered, and understand that there are millions of people in the US alone going through the same mortgage mess, with bad credit, would are also looking for a loan to get their lives back on track.
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