Bad Credit Home Loan -Mortgage Rates

Bad Credit Home Loan - What Mortgage Rate Can You Get?

When getting a bad credit home loan one of the first questions that most borrowers ask is what mortgage rate can I get? Well, that is completely determined by your financial condition and where current mortgage rates are at. Unfortunately you will not get a mortgage rate anywhere near the advertised rates on television and the Internet because of your bad credit. This does not mean that you can not find an affordable home to live in.

Even if you do get a mortgage rate of 10% or more, you can still find something that fits you. Please be aware that just because you have bad credit does not mean that you cannot own a home. It may mean that you will pay more interest on your home loan, but you still have every right to buy a home in the United States. Some of the things you can do to get a lower mortgage rate is fix your credit score as best you can. It is worth it to pay $20 for a credit score to view your current statement. You would be very surprised at home many credit scores have accounts that are inaccurate. Do whatever it takes to make sure that your credit report is 100% accurate.

You can also keep up with mortgage rate trends and try to pick the bottom of overall mortgage rates. This is very hard to do, but there are some good websites out there to help you pick and choose when mortgage rates will be near a bottom. If you can do these things, you could see your mortgage rate lowered to a point that is more acceptable for you.

by Jesse Wojdylo