Bad Credit Mortgages
Before most mortgage lenders agree to advance funds to a potential borrower, they may want to look at the credit history to assure that the loan is safe and will be repaid on time, as agreed. The term “bad credit” or “bruised credit” is used when a potential borrower fails to meet his or her payment obligations (i.e. defaults) on the loans from a lender in the past. This label generally stays on the individual’s credit history for up to 7 years on the type of default.