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Understanding Your Credit History
By Philip Nicosia
Very few people actually understand their credit score or how it affects their ability to get future credit. They fall behind on their credit card payments, max out their cards, get even more credit Read more...
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The Importance of a Small Business Credit Card
By Jeremy Biberdorf
Small business plays a vital role in today’s economy. It is now easier than ever to establish a new business. According to the US Small Business Administration, small businesses pay over 45% of the Read more...
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Can You Get A Cash Back Credit Card?
By Hugh Thorpe
Heard about cash back credit cards? Sounds too good to be true, doesn't it? It's hard to even imagine getting money back for all the things you buy with your credit card. It really sounds Read more...
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Bad credit mortgage tides over a poor credit history
By Keith Gill
Applying for a mortgage or a home loan is fraught with difficulties. You need to have a good history if you want your loan application process to be completed smoothly. But, for those with a bad history, don’t dash your hopes just yet. The rise of such cases has seen the emergence of a whole new market catering to the needs of people with adverse histories. A bad mortgage will help you get all the benefits of other types of mortgages even if you have a not-so-perfect history.
Before going for a bad mortgage, you must identify your history. It is best that you get a tri-merged report, in addition to your scores. These scores determine an individual’s worthiness. Generally, a bad history is any score, which is less than 620. If you have an adverse history, you must go for bad mortgage. A bad mortgage is tailor made for those who have a poor history and is also known by other names like adverse mortgage, sub-prime mortgage, non-standard mortgage, poor mortgage, and credit-impaired mortgage.
The factors that contribute to an unfavorable history can be many but the more prominent amongst them are rent arrears, judgments doled out at county courts, bankruptcy, I.V.A, trust deeds, and in some countries various decrees also contribute to a person having an irregular history.
There are some lenders who turn down prospective borrowers even if they have changed their address on numerous occasions. These and many other reasons have seen the rise of sub prime lenders. They cater to the requirements of people with a poor history and give bad mortgages. As the name suggests, they are lenders who lend money to borrowers who have been turned down by mainstream lenders. As there is a demand for bad mortgages, many mainstream lenders have authorized affiliates who offer bad mortgages. It is advisable that they are at best avoided as you increase the amount of risks that you are taking.
But in the end you must understand that lending money is risky business.
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Mainstream banks charge very high interest rates, if they offer a bad mortgage. Most of the lending organizations are very strict about lending money to high-risk category borrowers. They do want to minimize the associated risk and hence they adjust the rates accordingly. You must take due cognizance of the associated risks but not forget the positives of bad mortgages. At the end of the day, you get a house that you can call your own. And after you have made regular payments and finally repaid the whole loan, your history will see a tilt towards the better. This allows you to enjoy the benefits of remortgage, under the aegis of which you can change your lender. From the mean streets, you can jump to the high street.
When you take bad mortgage, your final aim must be to make an upward climb from adverse history to a positive history. From, no property, to ownership of property!
Keith Gill is an Experienced Real Estate investor and Mortgage Banking Consultant and Loan Officer. Keith Prides himself on Bring accurate and valuable information to the Real Estate and Mortgage market place. Keith Can be driectly contacted by going to his personal website at http://www.YourLenderForLife.com
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