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How to Get Bad Credit Mortgages

If you have bad credit, but you know that buying a house will save you money because you are paying high rent costs, you need to know how to get bad credit mortgages so you can become a homeowner and save money. Just because you have a low credit score does not mean you cannot buy a home of you own. You just have to know what your options are and where to find them. After all, your credit score and your credit history play a big role in how much you can borrow and what your interest will be for the home mortgage.

1. Check your credit score to see what it is right now. While you are checking your credit score, check your credit history and determine if al the information is correct. If your credit score is a bit low, but higher than 500 points, you can still qualify for bad credit mortgages.

2. Find a house that you want to purchase. This house should not be more than eighty thousand dollars. Even with a low credit score and poor credit history, you can still qualify for a home mortgage if the price of the house is low.

3. Look for a bank that offers bad credit mortgages in your area. This could be a bank where you have a checking account or a mortgage company. The best place to start is at your bank. You will need to present your income tax return for the prior year, current income statement and a list of all debts you have currently.

4. Apply for the bad credit mortgage. This could take some time, but you should hear something within a week or so. You might have to pay a higher interest rate than someone with perfect credit did, but you could still save money if the price of the home is lower than what you pay for rent.

5. Answer any questions that the bad credit mortgage company has for you and if they suggest a bad debt consolation loan for your debts, consider all the options. If you can consolidate your debts into one payment, you could save more money a month. They might even suggest paying down your debt with a higher mortgage loan if the house is assessed higher in value than what you are buying it for.

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