High risk home loan

In obtaining a high risk home loan, a consumer may have the opportunity to refinance in a few years if credit scores improve. This will help to reduce the current interest rate. In many cases, the initial interest rate can be quite steep. When the consumer applies, the lender may be leery of lending money to someone who has not demonstrated a responsible repayment history. Before shopping around, it may be beneficial to get a copy of a personal credit report. This will allow the individual to see both the positive and negative aspects of his or her credit report. One free report can be received each year by seeking this information from an online or local credit company.