Bad Credit 1st Mortgage
Got bad credit? Here are your mortgage options.
One person's bad credit is another person's poor credit. Bad credit, poor credit, fair credit. Those are all relative terms that may or may not be accurate. However, it is the credit score that ultimately determines whether or not you full into the category of needing a bad credit 1st mortgage. That magic number is 580.
Best Lender For Bad Credit 1st Mortgages
Unfortunately, some lenders have experienced severe losses due to the subprime mortgage crisis.This has caused most lenders to drastically tighten the qualification process for fear of further losses. When searching for a bad credit mortgage lender, it is important to find one that not only provides the lowest rates, but also hasn't excessively tightened its lending standards because of the subprime mortgage crisis. We like bad credit lenders that have an easy online application, and they do not charge any fees whatsoever to apply and receive an approval. Additionally, they are one of the few lenders still willing to provide bad credit 1st mortgages. This will save you a lot of time and hassle of searching through 200 lenders one at a time trying to find one that is willing to approve a first mortgage with bad credit.
Now, with mortgages for bad credit, your mortgage interest rate would be about 8%. Bad credit mobile home loans would carry an even higher interest rate. Your monthly payments would be $1,467.53 and over the 30 year pay back period you would pay $328,310.49 just in interest.
Having a good credit score would save you over $260 per month and more than $96,000.00 over the life of the loan.
By comparing the numbers it is easy see how it would be worth the 6 month wait in order to repair your credit. There is currently an excellent credit repair kit available for just the cost of shipping. The value is over $245.00, and you only have to pay $1.97 for shipping. To get the best mortgage interest rate, it is highly recommended that you become an expert at raising your credit score. This kit will help you do just that.
Applying for your first mortgage with good credit is a far wiser move than applying for a bad credit 1st mortgage.
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