|
Past Credit Problems and Getting a Mortgage |
|
|
|
|
Written by Tamara Schmitt
|
|
Tuesday, 08 November 2005 |
|
Obtaining a home loan is possible even with extremely poor credit. If you have had credit problems in the past, a lender will consider you to be a risky borrower to lend to. To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 20-50% down).
The worse your credit is, the more you can expect to pay for an interest rate and a down payment. Not all lenders choose to lend to risky borrowers, so you may have to contact several before finding one that will. |
|
Last Updated ( Wednesday, 23 August 2006 )
|
© CopyRights - GetLoansCheap.com - All Rights Reserved - All Content - Legal Disclaimer / Privacy Policy / Get Loans Cheap