A few years back, it was very difficult to get a bad credit mortgage. At this time, the only way to receive such a mortgage loan was to sit with the loan officer and practically beg them to give you a loan. You had to convince the loan officer that you would repay your mortgage in time even though your credit history says otherwise. Even if you have a bad history you can still apply for a loan to buy a new home. Individuals can find a lending company that will provide them with a bad credit mortgage but the interest rate will be higher than for a mortgage loan for a person with excellent credit. The majority of bad credit mortgages have a higher interest rate than all conventional loans but on the good side, even those with a dented credit history have the opportunity of living the dream of buying a home.
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