A 100% Financed Bad Credit Mortgage Loan – Myth Or Reality?
Apartment dwellers and homeowners with bad or poor credit who are looking for a mortgage with 100% financing may be surprised to discover, that due to today’s more lenient lending practices, it is almost as easy to get approved for a new home loan or to refinance your current mortgage with a poor credit rating than it is if you had good a credit rating.
Tip – This type of bad credit mortgage loan normally doesn’t translate into lower interest rate loans. You may qualify for a 100% mortgage but the terms of the loan and interest rate won’t be a favorable as if you had great credit.
Bad credit (i.e. also known as Subprime) mortgage lenders offer a variety of 100% mortgage packages for borrowers and in some instances even 103% mortgage loans are available which also include your closing costs. You have several options when it comes to this type of financing. Below are few things that should help you get started on the right track.
100% Mortgage Loans – The Good and the Bad
The primary benefit of a home loan that offers 100% financing, especially if you...
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