Bad Credit Mortgages - 4 Reasons to Consider a Bad Credit Mortgage

Even though your credit may be far from perfect you may still qualify for a Bad Credit mortgage. You may not think you make enough money, or your credit is too bad, but how do you know you won’t qualify until you communicate with a qualified mortgage professional? Not learning more about the options you have to obtain a Bad Credit mortgage can cost you a great deal of money now and in the future. Discover 4 Reason why you may want to consider a Bad Credit Mortgage today.

1) I’m worried about paying an interest rate that is too high.

If you’re worried about the interest rate of a bad credit mortgage, this may not be as big of an issue as you think. Although you can not expect to get a low interest rate as someone with pristine credit would receive, you can still benefit from obtaining a bad credit mortgage.
-You can quit throwing away your money on a rental property.-You can claim your house as a deduction when you file your taxes (you don’t get this benefit when you rent a house).-You can write off interest and taxes you pay on your mortgage.

2) How can obtaining a Bad Credit Mortgage help my credit?

Getting a bad credit mortgage can help improve your credit. Even though your credit may be poor now, after you get a mortgage and begin making regular payments for a while, your credit rating will start to improve. This will provide you with more purchasing options down the road that will be financially beneficial to your future.

3) How long do I have to keep my Bad Credit Mortgage?

How long you keep your Bad Credit Mortgage will vary depending on an individual and their circumstances. A qualified mortgage professional can assist you with this decision.
Once your credit does start to improve and you gain equity in your home, you can look at other options, like refinancing your mortgage. This can help you qualify for a lower interest rate, and a lower interest rate can reduce the amount of your monthly mortgage payments.

4) What other benefits can I have after I obtain a Bad Credit Mortgage?

After you obtain a bad credit mortgage, and demonstrate to your lender(s) that you can make timely payments every month, this can create a win-win situation.

-Your bad credit rating will improve.
-You are keeping more of your money by not throwing it away on a rental property.
-You give yourself a tax benefit by using your home as a deduction.
-You give yourself more options in the future to make other large purchases when your credit rating increases.
-You can grow your assets, and provide more security for yourself and your family.
-You can refinance your mortgage (after you receive enough equity in your home) and obtain a lower interest rate on your new mortgage loan.
-You can focus more on debt reduction.
-You can have more fun, because you have more control of your financial future.
-Your lenders have more security in their investment and may offer you other loan programs after you get a good track record with them.

Remember, you'll never know if you could qualify for a Bad Credit Mortgage if you don’t try. Do some research, and talk to a qualified mortgage professional that can help you improve your financial situation. Start taking control of your financial future today!

ABOUT THE AUTHOR: T.Crowley provides resources that help you obtain leading edge mortgage loan solutions in Washington and Oregon State. Receive a competitive and customized mortgage quote by submitting your mortgage needs at the following URL: http://www.i-mortgagenetwork.com/Contact_an_Advisor.htm
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