How to avail a mortgage loan with bad credit history?

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » How to avail a mortgage loan with bad credit history?

How to avail a mortgage loan with bad credit history?


Updated: December 26, 2012

Sometimes we get into situations quite by chance, and having a bad credit rating is one of such unavoidable situations. Although, all of us are well aware of the pros and cons of having a good credit rating as it is such an important element in today’s world, we do sometimes face situations that are beyond our control. However, one need not lose hope. Just because you are going through a bad situation, it is not as if, it is the end of the world.  It is still possible to avail good rates on bad credit loans as well as mortgages, and this can get you back on track very quickly. There are millions of people all over the world, who carry the baggage of having bad credit due to circumstances they couldn’t avoid, such as a sudden loss of a job, or an illness that required prolonged hospitalization, etc. For such individuals, there are various options available to secure the best rates for bad credit loans or mortgages. This is the path that one has to take to get financial freedom and securing a refinance or a mortgage loan. Some useful tips to secure the best rates at the best terms on bad credit loans: • Go through your credit report thoroughly and get to the bottom of all your credit problems and get to know your credit score. • The time between the credit issues and the application for mortgage loans will be taken into consideration while availing bad credit loans. • The interest rates as well as other payments on the bad credit mortgage loans will largely depend on the timing of your last credit score and the request for a loan. • Always be very honest about the credit issues with your lenders and give them a thorough explanation as to why you got into this situation in the first place. • Find out about the APR or the true interest rates from your lenders. • Before actually signing the application make a comparison of interest rates as well as other costs involved and bear in mind that all of these costs are likely to vary depending on the credit rating. If you apply for bad credit loan you will have access to all the top lenders who can help you with getting a bad credit at fairly reasonable rates. These loans that are availed could either be used to consolidate credit card debts, purchase a new home, refinance a bad credit mortgage, secure another mortgage, or many other things. These lenders have an easy-to-use no-obligation policy and making bad credit a thing of the past. Most people assume that having a bad credit history would mean no more loans or mortgages, but that is not true. The best way to get rid of bad credit history is to pay off debts, lower monthly payments, and take necessary steps to repair the damage early.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Posted: February 12, 2018

Days are getting longer, snow is melting and you already feel the lightest breath of warm breeze on your face - spring is here. Summer holidays are looming, and so is Easter with its shopping. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!