You CAN get a mortgage loan even if you have bad credit

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Bad Credit
Home Loans Guaranteed?

A "bad credit mortgage" is a loan that you can get even if you have a poor credit score. Given the ongoing financial crisis, it is more difficult to get a loan regardless of your credit. In the past, many lenders offered a bad credit mortgage believing that their loan was secure, since it is taken on the mortgage of your home.

While it’s harder to get bad credit home loans guaranteed like in the past, it is still possible for many with some work.

Why Get a Bad Credit Mortgage?

A bad credit home mortgage can be a challenge to get, but it can be a big help in starting you on the road to building good credit. You may be able to lower your monthly payments by consolidating all your debts while enjoying a lower interest rate on your otherwise higher rate debts.

Take a major step towards credit repair by consolidating and paying off your current debts with a bad credit mortgage. Depending on your situation, this may or may not be available to you from the lender. If you qualify and you can keep up the payments on the mortgage loan for about six months to a year, then you will see a dramatic positive change in your credit score. This means you’ll reap bigger savings with lower interest payments – you may be able to qualify for a refinancing with better terms down the line.

Bad Credit Home Loans Guaranteed

What are your financial goals? Some of the most popular options available on a bad credit mortgage loan are home equity loans and cash out mortgage refinances. Both of these options let you to take cash out of the deal based on the equity already paid into your home mortgage. This depends on your property value and payments made. If there is available equity in the house, you may be able to use it to get yourself out of debt.

It’s makes sense to deal with a mortgage company online so you can get quotes quickly and easily from several sources. It’s also much easier to compare offers from different lenders and brokers to make sure you are getting the best deal.