BAD CREDIT HOME LOANS – CAN I GET THE LOWEST MORTGAGE RATE?

When getting a bad credit home loan one cannot expect to get the lowest mortgage rate available. This does not mean that you should not pursue getting a mortgage at the current time as mortgage rates are very close to historic close. President Obama and his administration have worked very hard to keep interest rates near all-time lows which is allowing homeowners to buy homes at very reasonable rates even if they have bad credit.
Since the beginning of Pres. Obama’s administration one of his main objectives has been the key mortgage interest rates near all-time lows which would allow all homeowners to benefit from low rates. The lower your mortgage is a straight the less you’re going to pay in time on interest. One of the reasons that many bad credit borrowers cannot get out of their current situation is because they’re paying so much in interest on all of their loans.
Pres. Obama realized this and his goal is to get some of these bad credit borrowers lower interest rates so they can dig themselves out of debt. If you are bad credit borrower and you have yet to refinance or consolidate your credit you might be missing out on one of the best opportunities of lifetime. With interest rates near all-time lows now is the time to do these type of activities.
If you currently have a bad credit home loan you think you can get a lower interest rate now would be the time to check out the interest rate markets. As stated earlier Pres. Obama has worked very diligently to keep mortgage interest rates at all-time lows. The average conventional 30 year fixed mortgage rate is currently under 5%. With mortgage rates this low it benefits any bar or even if they do have bad credit.
There are many bad credit lenders out there who will be willing to help you in your current situation. Each situation is very unique and you should not be surprised if different lenders offer you different mortgage interest rates. It is your responsibility to find a lender that offers you the best deal with the best customer service and reward them with your business. Get out there and find the lowest interest rate and locking today!



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BAD CREDIT MORTGAGE REFINANCE – LOWER RATES EVEN WITH POOR CREDIT?

Going through the bad credit mortgage refinance process is not something that is easily done. If you have bad or poor credit you are going to find that getting a lower mortgage interest rate is not  easily attainable. This does not mean you should not try to refinance to a lower mortgage rate as mortgage interest rates are very close to all-time lows.
As stated earlier this will not be an easy process but it might be worth it over the long run if you can benefit to save a few hundred dollars a month on your mortgage payment. If you truly have bad credit you’re going to have to do your research and contact several lenders and see what your options are.
It might be the case that your credit is so bad you cannot refinance to a rate low enough to benefit you to go to the refinance process. If this is the case there still options out there. The Obama modification program was created to help you lower your monthly mortgage payments without going through the refinance process.
To find out more about this make sure to access the making home affordable website. This website has all the information you will need on the mortgage modification or even a possible mortgage refinance. Before you make the assumption that your credit is too bad to get a refinance make sure  to go through the mortgage application process first and see which rate you qualify for.
You will never know what rate you qualify for if you don’t put in a mortgage application. There are many lenders out there who advertise helping you go to the bad credit mortgage refinance process. Take advantage of these offers and see what interest rate you can get on your mortgage.


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