Bad credit home loans also known as credit impaired home loans tend to suit borrowers who have experienced credit tribulations in the past. This can make it extremely difficult for them to have a regular mortgage application approved.
This could be because you haven’t successfully been able to pay off debt in the past, or your application may have been declined due to an excessive amount of inquiries. If you find yourself in this situation it’s a good idea to get a report of your own credit history.
Credit impaired home loans tend to come attached with a higher interest rate. Before you decide to take on any more debt, analysing your ability to repay any outstanding credit is a must.
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