Credit Impaired mortgages are home loans available if you have credit defaults, court judgements or writs or may have been bankrupt. Things happen in life at times where you may of found yourself in trouble financially. Credit impaired home loans may help purchase a new home, refinance personal debts, tax debt, infact they may help your current financial situation. If the bigger banks wont help you with a home loan because of credit issues, it may be worth considering a mortgage for credit impaired people. These are also referred to as 'non conforming home loans'.

The interest rate on non conforming home loans are generally higher than those of traditional banks. The interest rate may increase more, if you have multiple credit issues or bankruptcies. It is important if you are thinking about a credit impaired home loan to speak to a qualified Mortgage Broker to discuss your needs, and help you make an informed decision.

Non conforming home loans are available to anyone that may of had credit issues in the past. There are also Lo Doc Home loan options available too. The lending criteria from non conforming lenders too, may be a little more relaxed than traditional banks, thus allowing you to have more control over what you may use the funds for (like for business purposes).

Advantages

• You may able to keep your current home.
• You may be able to purchase a new home sooner.
• You may be able to consolidate other debts (personal loans, tax debt, etc) into your home loan, thus reducing your monthly commitments.

Disadvantages

• The interest rate on the mortgage will generally be higher than traditional home loans.
• The home loan application and closure fees may be expensive.

General Credit Impaired Home Loan Fees

• There may be an application fee.
• There may be a monthly or annual fee.
• There may be a risk fee, associated with the home loan.
• The interest rate maybe more expensive.

Loan Term And Repayment Types

• The home loan term may range from 5 to 30 years.
• Principle and interest repayments are available
• Interest only repayments may be available.

If you would like some more information about credit impaired home loans, contact Perth Mortgage Broker Group , or call Troy on 0411 229 602, 7 days a week.