Bad Credit Mortgage: Mortgage Rates For borrowers with bad credit

Often lenders reject a home loan application based on the borrower credit history. For example, if you have not paid your bills on time or if you do not have a long enough credit history.

Borrowers with poor credit can try several services that specialize in lending to higher risk clients. If you are purchasing a new primary home, PlanetLoan.com can provide you with some mortgage rates to compare.

Sometimes market rates drop considerably and borrowers could save money by refinancing. Poor credit borrowers may have a hard time finding a lender that will be willing to refinance their mortgage. Two online service specialize in poor credit mortgage refinancing, including Full Spectrum Lending and New Century Mortgage.

Poor credit mortgage rates tend to be higher than rates available to borrowers with good credit. Once you get your credit back on track, you may look into refinancing your home loan for a better price.