"I have a poor credit rating, so refinancing my existing mortgage or buying my own home is impossible."
This is a common misconception that is held by many people with poor credit history. But you may be surprised to hear that this is not always the case. Bad credit mortgages are available for those with a low credit score and you may be in a better financial position to purchase your own property than you think.
Bad credit mortgages
A decade ago the phrase "Bad credit mortgages" was associated with huge rates of interest, dishonest brokers and excessive charges. But over the past few years, bad credit mortgages have emerged from the shadows. With this type of loan now available at a far more competitive price.
For those with bad credit, it can still be quite difficult to get approved for a mortgage loan. This is because the number of lenders who provide remortgages and mortgages for people with poor credit histories is decreasing. Having said that, there are still a handful of mortgage lenders who are willing to help people with credit issues such as mortgage arrears, defaults or CCJs by offering mortgages that are secured against your property, reducing the amount of risk to the lender.
Mortgage quotes.
Trying to find lenders who offer bad credit mortgages and actually obtaining mortgage quotes can be a tedious and lengthy process. To simplify this process, use a dedicated on-line service to obtain the mortgage quotes for you.
These free search tools allow you to seek out lenders easily and quickly and are very simple to use. Simplify enter your ZIP code and you will be provided with an up-to-date list of lenders in your area who will provide you with free quotes.
If you are searching for lenders who will provide the best deals on bad credit mortgages, then searching for mortgage quotes using an on-line service is by far the best place to start.
By: Michael J. Roberts
For further advice regarding bad credit mortgages or to use our free on-line tool to find the best mortgage quotes, please go here: http://www.mortgagelasvegasnevada.com/
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