April 29th, 2008
Longterm Effects of Bad Credit Mortgages
I am sure that people who apply for bad credit mortgages do not have a lot of other options, but does anyone think of the long term ramifications of such a loan. These types of mortgages carry significant fees that are not associated with normal mortgages. The interest rates also tend to be higher, which I feel is kind of ironic given that the people applying for bad credit mortgages obviously do not have a good history of being able to pay back any money, let alone money that is connected to high interest rates. It seems to me that these mortgages only server to increase the problem.