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Bad Credit Mortgages

May 27, 2008  |  Difficulty: Easy

Path to mortage
Bankruptcy does not mean the end of your financial life. But there is help. One form of help may be a bad credit mortgage.

Bad credit does not mean that you have filed bankruptcy in the past. Bad credit can also mean that you have no credit. Without a credit card or loan under your belt, your credit score will be low. In this case, bad credit mortgages may be a good option.

If you need to repair your credit or establish credit right away, a bad credit mortgage could help. If you are a current homeowner, a bad credit mortgage can be used when refinancing.

Bad credit happens; it really doesn’t matter how you came to be in a tough financial situation. The main goal is trying to find a lender who is open to letting you borrow. This lender will most likely be well versed in working with individuals who are in a similar bind. Before pre-approving you, the lender will check your credit score on the Internet.

A bad credit mortgage will help you:
  • Consolidate current bills into a single monthly payment
  • Avoid looming bankruptcy
  • Repair or gain credit
  • Pay off current creditors
  • Bring an end to costly debt
  • Gain monies for needed home renovation or other financial emergencies

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