For people with less than perfect credit, who are interested in buying a home, a poor credit mortgage loan may be a good option. While there may be some misconceptions about these types of loans, some actually may offer similar features found in loans offered to people with good credit, including offering incentives such as no or low closing costs. These lending institutions believe everyone, including people with bad credit, can achieve the dream of home ownership.

A relatively unknown option, some borrowers may be able to combine monthly installment payments (credit card bills) and their mortgage payment into a single, monthly bill. Taking borrowers' past credit histories and outstanding debts into consideration, these streamlined monthly payments are budgeted based on a person's present debt and repayment capabilities.

Many financial lending institutions are aware how difficult it is for borrowers to obtain a genuine poor credit loan. Dealing with reputable lenders only, borrowers are matched with lenders who can help them obtain a poor credit mortgage loan, regardless of their past or present financial situation. If interested in taking advantage of this offer, prospective borrowers will have to fill out an online application. Once your application is received, applicants will receive an email informing them of qualified lenders who can work with their past or present credit histories.

Making the reality of home ownership easier for persons with bad credit, companies are researched for their ability to provide secured or unsecured mortgage loans, as well as those to finance vehicles, personal loans and loans used to consolidate debts. Specializing in helping people with blemished credit, these institutions are used to helping applicants with low or no credit histories, bankruptcies, late payments, divorce and other financial problems. If somewhat hesitant in being matched with one of these companies, rest assured; there are no fees charged for buyers for the matching service.

Even if you are not interested in a new mortgage, refinancing options for borrowers with bad credit are an option to existing mortgage holders. From initial online submission form to loan pre-approval, the entire process takes less than one week. Once everything has been processed online, the lending company will get back with borrowers regarding the next step in the mortgage approval process. This will usually require present lender's information (if any), copies of income tax returns, copies of monthly wages, Realtor information, and any home-related documents (appraisals, previous sales, county tax information). Once everything is set, the loan will be ready for your home's closing date. Until then, relax knowing lenders are working hard to earn your business; now matter what your past or present credit history may reveal.