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Bad Credit Home Loan: Purchase your dream home even if you have bad credit

 

By Joe Giunta http://www.about-online-loans.com
August 17, 2001

Bad Credit Home Loan: Purchase your dream home even if you have bad credit.

Are you considering applying for a home loan, but you have bad credit, no credit, or bankruptcy. You can still obtain a home loan by applying with one of the sources found on this site. Apply now and you can be approved to purchase the home of your dreams.

How is it possible to obtain a home loan with bad credit? Its simple, certain lenders specialize in what is called “sub prime loans”. These lenders are specialists in helping you get the financing you need regardless of how bad your credit is. Please note that these types of loans are very risky to the lender and you will most likely pay a higher interest rate.

Depending on how bad your credit is, your interest rate can be as high as 10% higher than a conventional interest rate. That means if the going rate is 5.50 percent you could pay as much as 15.50 percent for your home loan. But don't assume it will definitely be that high, you may only have to pay 1% above the going rate which is not that bad considering you will be making a very profitable investment. Also a 1% increase will only cost you about $80 extra per month for a 30 fixed home loan. The way I figured that number out is simple:

With a 30 year mortgage, every .25 percent increase in rate will cause your monthly payment to increase by approximately $20.

1 / .25 = 4 and
$20 x 4 = $80 per month

How high your interest rate will be depends on your credit score and how much money you have to put down. Other factors may also be taken into account.

Apply online with a home loan lender and find out what rate you qualify for today!

 

 

 

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