http://www.velocityfinance.com/mortgage/bad-credit-mortgage.html You are the only person who can ruin your bad credit mortgage. The mortgage industry has adjusted to handle yourbad credit mortgage, and to make your home loans a financial success. en-us Mon, 28 Mar 2005 13:22:40 EST Mon, 28 Mar 2005 13:22:40 EST Weblog Editor 2.0 In 1993, the bad credit mortgage raked in $35 billion of total transactions - not to shabby, eh? Fast forward with some Velocity Finance to 2003, when bad credit loans brought in $330 billion, constituting 9% of the entire mortgage industry. This difference is not from more people falling into bad credit, but from all the millions of bad credit individuals finally having reliable, professional, competitive options for their bad credit mortgage. The rise of the bad credit mortgage As anyone will tell you, interest rates are at historical lows. It was this depression of overall rates that initiated the growth of the bad credit mortgage. It used to be if you had bad credit your home mortgage would be an overtly expensive investment - interest rates ranging from 15-20% APR from a lender you definitely could not trust. When overall rates fell the rates for a bad credit loan fell in direct accordance. For the first time people with bad credit could find a realistically affordable mortgage, and they took them up in the millions. But that was only the first step. The second - and more important - step in the bad credit mortgage explosion was mainstream lenders recognizing the huge market for bad credit loans. Banks and mortgage industry giants alike began offering bad credit mortgage opportunities to more and more clients. This created greater competition and regulation of bad credit mortgages, and greater financial savings for you. Why bad credit mortgages remain For people with bad credit, you're best opportunity for mortgage loans is right now while the rates are low. While you will see offers around 4%, these are for only the most exceptionally qualified applicants - your rates will be significantly higher. Significantly, but not prohibitively - for a bad credit mortgage you can expect a rate of around 8%. Lenders charge higher rates for your bad credit because of the risk they assume: in 2004, 10.04% of bad credit home loan payments were past due, compared to 2.4% for loans going to prime candidates. 4.61% of bad credit loans were in foreclosure in 2004, compared to 0.49% of all prime mortgages given out to prime candidates. Its very easy to see why a lender would charge much more for a bad credit home loan, but that should not stop you from considering your mortgage options. Take a stand! Make your voice heard! Take out a bad credit mortgage and make it work with Velocity Finance! Take out an adjustable rate mortgage and enjoy the benefit of lower initial rates. Prove your financial strengths and determination by keeping up on your monthly payments, and when it comes time for your rate adjustment take out a refinance mortgage that reflects your financial responsibility. You are the only person who can stop yourself from a successful mortgage. know what you can afford,m and what your options are, and you will succeed if you want to. Rock out! Mon, 28 Mar 2005 13:22:40 EST