Bad Credit Mortgage Loans

Young couple outside of house

Bad credit mortgage loans are so out of this world even intergalactic death troopers want them. Not quite the pickup line, but here we go, bad credit mortgage loans in the HOUSE!

Bad Credit Mortgage Loans

This is Zarthan, Lord Chancellor of the Pathanian battleship QXDR-4554! I have come to planet Earth to seize your bad credit mortgage loans and analyze them for humanoid particulate matter! Malfunction! Data! Your atmosphere is ...killing...cannot...death...ahhhhhh!

Hooray! Death to the Pathanian warlord and all his evil schemes for mortgage domination! But how did he know to take our bad credit mortgage loans? The Nerd bets even you didn't know about them...or did you! Zounds!

Bad credit mortgage loans and the amazing power of MATH

Put on your computational caps, we're going on a bad credit mortgage loans ride with the Nerd! First, close your eyes and imagine a loan, a $200,000 mortgage loan:

  • According to his recent calculations, interest rates for mainstream, 30-year, fixed rate mortgage loans are at about 5.5%.
  • Assuming no deviations to the credit equation, no personal variables that might further effect overall computation, the same 30-year bad credit mortgage might have a potential interest rate of 7.5%.
  • Now, on that prime loan, you would pay $1,135.58 a month, or $408,808.80 in total
  • with bad credit youre paying $1,398.43 a month, or $503,434.80 in total.

Conclusion: rates on bad credit mortgage loans suck! But they are, in the end, affordable. The Nerd is a closet history freak, and he says only a decade ago even prime candidates wouldn't find the 7.5% loan thats commonplace in bad credit mortgage loans today. How did that depression come to be? The Nerd is glad you asked, and would be glad to respond post haste!

How bad credit got to be so darned good

Bad credit mortgage loans have become so affordable because all mortgage loans are affordable, duh! Mortgage rates have fallen drastically since the mid-1990s, and bad credit mortgage loans are no exception. But behind the lower overall rates was a push by the American corporate swine to increase the amount of bad credit mortgage loans available to people who weren't qualifying in the past. Greedy greedy, Mr. Man, but at least our loans are now more affordable. Chus! (thats "goodbye" in German.)

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