How to buy a home with bad credit? If you are looking for a mortgage loan with poor credit history, you won't have much luck seeing out traditional lenders such as credit unions and banks. You can find many poor credit lenders online. Now, while these companies will provide poor credit loans to people, they give out these loans to risky people for a reason. Ultimately, you can get a no credit mortgage loan.
To understand the true interest rate you end up paying with a honeymoon product - look at the advertised comparison rate on such a loan. Most lenders offer a range of professional packages to clients who are prepared to pay a small monthly fee. If on top of your home loan you also have other outstanding loans such as a personal loan, credit cards, car loans etc. - by consolidating all your other outstanding loans into your mortgage you can generally significantly reduce your overall loan obligations and hence have more funds available to apply to your mortgage.
This means that instead of paying 15 to 20 per cent on your credit card or personal loan, you can transfer these debts to your home loan and pay it off at a home loan rate.
To understand the true interest rate you end up paying with a honeymoon product - look at the advertised comparison rate on such a loan. Most lenders offer a range of professional packages to clients who are prepared to pay a small monthly fee. If on top of your home loan you also have other outstanding loans such as a personal loan, credit cards, car loans etc. - by consolidating all your other outstanding loans into your mortgage you can generally significantly reduce your overall loan obligations and hence have more funds available to apply to your mortgage.
This means that instead of paying 15 to 20 per cent on your credit card or personal loan, you can transfer these debts to your home loan and pay it off at a home loan rate.