What exactly is a poor credit mortgage loan?
As already mentioned mortgage loans for poor credit are especially designed for people with credit problems, for those who have had pending county court judgments or loan deferments or have faced bankruptcy in the past or a foreclosure. It should be kept in mind that when you apply for these loans you would be charged a higher interest rate and also would be offered a bit tougher terms of payment. It is important to note here that the interest rate should not be very high as compared to the mortgage loans meant for people with fair credit. It should be within an increase of 1-4%. It is also important that you read the terms of the loan carefully so that you are aware of the closing costs and other costs related to the loan. You should make sure that the lender is not charging you high closing costs. If you make the payments towards these loans on time then it is quite possible that you can see an increase in your credit scores. How to choose the best poor credit mortgage When it comes
