The primary difference between a bad credit mortgage and a normal mortgage is that a bad credit mortgage is typically given to people who have a history of bad credit. Many people end up with bad credit due to bankruptcy, not making loan payments, or other issues. Others are taken to court or have been reported to credit agencies. These mortgages are also known as credit impaired mortgages or a poor credit mortgage.
Because the competition between banks is fierce, many institutions have been looking for ways to maximize their profits. Because many people have bad credit, this have left open a huge market which for many years was untapped. Banks begin to realize that by offering bad credit mortgages, they were capable of increasing their profits. In the past most lenders have rejected people who had less than perfect credit.
The interesting thing about these mortgages is that the interest rates and terms are the same as you would find with standard mortgages. There are mortgage companies today that cater to those with bad credit. These mortgages are typically given to people who have had a bankruptcy, criminal charges, or other financial problems. While the...
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