December 06, 2001
By: Bev Dodd
Bad credit home loan: Low rates, fast service
Look beyond the ads and offers when you shop for your bad credit home loan. Don't forget the length or amortization terms play a major role in determining your rate and size of payment on a bad credit home loan.
Before you put your home on the line, look beyond the ads and the offers. You may have seen ads for loans that let homeowners free up extra cash, cover home improvements or pay off debt, some of these loans can have rather large costs attached to them in the long run. So look carefully at all the risks and costs involved. Our loan companies will tell you all the costs up front when you apply for a bad credit home loan.
Your credit score is the single most important factor determining whether you'll get approved for a bad credit home loan; refinance loan, or even credit cards, and what your APR will be. If your score is low, you'll pay very high interest rates, up to 23%. Most people are also unaware that their credit score also affects how much they will pay for car insurance rates too. Many insurance companies run a credit check on you before selling you insurance.
If you plan to stay in your home for a long time, your bad credit home loan rate is a big concern. Because your interest rate stays the same throughout the entire life of your loan, a fixed-rate loan ensures that there are no surprises. Fixed-rate mortgages or loans are available in a variety of repayment terms, with 15, 20, and 30 year terms being the most common. And all have a different monthly payment amount, so be sure you are clear on which term you would like.
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Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.
Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.