Factors Affecting Terms and Rates in a Bad Credit Loan

Lenders specializing in bad credit mortgage loans help people with a poor credit history to get a sub-prime mortgage. When you look for a bad credit home loan, the lender will review your credit report. The credit history is a record of how you use your credit. This credit history provides information on money that you have borrowed from credit institutions and a history of payments. Also the document details how you use revolving debt. The report is a document of how you have managed your finances and repay debts. A credit score is a computer-generated number that determines the programs that a borrower is eligible for. The score will determine if the loan will be approved, as well as the mortgage interest rate, mortgage points and other closing costs.