Where Can I Get a Mortgage if I Have Bad Credit

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Where Can I Get a Mortgage if I Have Bad Credit?

Although a borrower has bad credit, it doesn't mean that there are not lenders interested in helping them get a mortgage.

Lenders make money by selling loans and receive premiums paid them based on the interest rate above the wholesale interest rate the borrower qualifies for. Lenders also make money by charging interest?and to offset expected losses by lending to higher risk borrowers with low credit scores, they are likely to charger higher rates.

The challenge, of course, is to find those lenders, especially those that aren't predatory lenders, including those that lure uneducated borrowers with subprime loans.

However, borrowers can save themselves some time and even some money by taking advantage of online lenders.

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