So, if you’re adamant about getting a mortgage with bad credit, be prepared for the financial implications. To illustrate, assume you’re seeking a 30-year fixed rate mortgage for $250,000. Below is an example of how the figures could play out, based on your creditworthiness:
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The reality is that it may indeed be possible for you to get a mortgage, but even if you can secure one, you need to understand the reality of obtaining a home loan with a sub-par credit score, as well as the extra steps you’ll need to take to ink the deal.
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You can get most types of mortgage with bad credit, including fixed rate, tracker, variable, cashback and discount mortgages. Many track the London Inter-Bank Offered Rate (LIBOR) instead of the Bank of England Base rate.
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Bad credit mortgages are also known as sub-prime mortgages or adverse credit mortgages, and can help people with poor credit histories get on the property ladder. Interest rates and charges tend to be higher as people with poor credit ratings are deemed to be a higher risk. But after a few years.
Getting a Mortgage with Bad Credit. If you have bad credit and fear you’ll face a loan denial when applying for a mortgage, don’t worry. You may still be able to get a mortgage with a low credit score. Of course it will depend on a few factors, so your best bet to see if you’ll qualify for a loan is to talk to a lender. Many lenders will have a conversation with you about your eligibility with no obligation to apply for a loan.
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Bad credit or a low credit score will compromise your ability to get a mortgage, as lenders will consider you at risk of defaulting on your loan. Obtaining a mortgage has become even more difficult due to the struggling economy and the record number of foreclosures in the housing market.
A bad credit score could add an extra wrinkle or two to the mortgage approval process. "While getting a mortgage with bad credit is not always easy or optimal, it’s still possible under certain conditions," says Daniela Andreevska, content marketing director at Mashvisor, a real estate