Home Loans
How to Get a Mortgage Even if You Have a Poor Credit History
(presented by www.refinance-refinance.net - mortgage lenders)
By RJ Baxter
If you have had credit troubles in the past, you know that these things can plague you for years, making it difficult or impossible to obtain credit. If you can get new credit, often times interest rates and payment terms are ridiculous.
Why is this?
Lenders look at each borrower in terms of risk. They look at factors such as credit history, job stability, debt-to-income ratio, percentage down payment, property type, and many other factors. If you have had recent credit troubles, you are considered a greater credit risk. A person who is a greater credit risk will have a greater likelihood of foreclosure; therefore, the lender must charge a higher interest rate to compensate for this fallout in non-performing loans.
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