Question by : What is the interest rate range on a mortgage for somebody with bad credit?

Best answer:

Answer by ibu guru
There are no more mortgages for anyone with bad credit. Bankers/lenders don’t want to see or hear of anyone with fair credit either. These are the people who triggered the RE meltdown to begin with! You need credit scores of at least 700/720, or 760 for conventional. Plus 20% cash down payment, and more.

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Another house-buying question from me, here…

I was researching this, because I intend to buy a mortgage with a long term and fixed interest rate. My credit score is currently a 620, and my husband’s is a 650 (considered “fair”, by what I’ve read). The ballpark I got for mortgage interest rates, at that level, was 7.0-7.5%. Does that seem realistic?

My credit is by no means bad, I have no late payments at all, nothing over limit (or even close to over-limit), and am using about 47% of my total credit limit. I haven’t purchased anything on a credit card in a long time, instead I’ve just been paying them off (more than the minimum payments, by far).

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i live in NY if that makes a difference

seems like people with bad credit who got loans where still able to make their payments, but things went bad when rates went up?

would America be in the mess we are in if these people with bad credit where just given Fixed Rates initially?

Anything over (enter a number here)

I have a car load at 7.5% which I think is pretty good.
My mortgage is at 6.85% which isnt bad for my first loan.

But I have three credit cards and they seem pretty ridiculous to me, but I want to know what other people think is high.

Is there is anyone who can help me get a mortgage to refinance my mortgage even though i have bad credit.

Are you making high payments each month towards current mortgage and as a result you are putting strain on your limited finances? Well, you have the option of replacing the existing mortgage with a suitable new one. But your bad credit may come in the way. Do not worry as there are lenders in the loan marketplace who have bad credit remortgage loans on offer for all those borrowers who suffer from credit woes like late payments, payment defaults, arrears, and county court judgments mentioned their credit reports.

Bad Credit Remortgage Loans replace your existing mortgage of higher interest rate with a new mortgage loan that comes at lower interest rate. You now make low monthly payments to the bad credit remortgage loan lender. Thus on switching mortgage, you save lots of money which you were to pay for high rate existing mortgage. Note that even if you get bad credit remortgage loan at slightly lower interest rate than on current mortgage, you save good amount of money each year. But reasons for bad credit remortgage loans vary from borrower to borrower. You may release equity in home for its improvements, for wedding or holiday tour or you may be taking the loan for debt consolidation.

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