Approach any person in the street and ask them to describe home loans for people in a bad credit or bankruptcy situation. I can say with almost full certainty that the majority of these people you speak to will say that a bad credit mortgage will incur huge interest rates that will render them impossible to pay off. That’s because this has been the main message churned out by the media, and the big players in the world of mortgages – the major lenders and the majority of mortgage brokers. As you probably already guessed by visiting this website, it is possible for people with bad credit – even bankruptcy – to secure a home loan. The question is, just how good can the interest rates be?
How Low can you go?
Watch any television ads or read the marketing propaganda from the big players and bad credit loans guaranteed approval you’ll probably think low interest rates are a winner all the way. Sure, in some cases they may well be, however the interest rate alone won’t determine if a home loan is right for a certain person. Factors such as the duration of the mortgage and the specific financial situation of the client also come into play. For the purposes of this article however, we are focusing on bad credit mortgages and the interest rates you can expect.
The fact is with bad credit, you won’t be able to take advantage of the lowest interest rates on the mortgage market. The reality is that with bad credit, you are perceived by lenders to be somewhat of a risk. This said though, there are lenders out there who will help you, and provide an interest rate that won’t break your budget. I know that reputable bad credit mortgage brokers can secure really good interest rate mortgages for clients with bad credit. There have been cases where specialist brokers have been able to secure loans for bad credit clients that have a 5.79% interest rate for the first year, and a 7.79% rate for the years following. Not bad at all! You too can secure a home loan with a good interest rate as well, even if you have bad credit. Now I’ll tell you how to do this.
Securing Single Digit Interest Rates on a Bad Credit Home Loan
Here’s my main advice if you are in a bad credit or bankruptcy situation and you are seeking a home loan: forget the banks and the majority of general mortgage brokers. They can’t help you! To secure a home loan with single digit interest rates or any home loan at all, you will need to go to a reputable bad credit mortgage specialist. A professional worth their salt will work with you to get your financial house in shape, so you can be in the best position to take advantage of the very best loan for your circumstances. Single digit loans very well may be a possibility for you, however this will only have a chance of becoming a reality if you work with a true professional, experienced in the area of bad credit mortgages. Inexperienced or general brokers can’t help you.