Home mortgage rates are as varied as the homes they help finance. When bad credit home loans are slowing down your progress and commercial mortgages that fit your budget are hard to come by, who do you turn to in order to get the best deal possible? Direct mortgage lenders work night and day researching credit history and ideal down payments, offering you a myriad of options no matter your unique situation.

History Of Mortgage

While this process seems modern, mortgage law has actually been around for a long time. The earliest known account of home mortgage laws originated in ancient India, with similar renditions in Malaysia and Indonesia. Originally called the Code of Manu, old Hindu script revealed that deceptive and fraudulent mortgage practices were actively rejected many hundreds of years ago. The mortgage market later rose in the United States during the mid 1950’s, further establishing itself at the turn of the 21st century with revised laws and practices.

Credit History And Loans

Many different factors can harm your credit history over time. Some of the most common reasons for bad credit scores in America are overdue student loans, medical bills and making the habit of not paying on time. Fixing your credit score by clearing up your history and any potential errors will go a long way in ensuring you receive the best mortgage rates possible when you apply. As well, maintaining a consistent employer will prevent your mortgage processing from being unduly delayed and setting you back.

Home Mortgage Rates

Every home mortgage lender has their own unique criteria for down payments, but it’s safe to assume around 3.5% when you first apply. Your monthly debt payments shouldn’t exceed 36% of your gross monthly income, that of which could see you struggling to maintain a good score down the road. Any borrower should have funds set aside to cover additional costs and you should avoid purchases that deplete your payments before your home is purchased. Home mortgage doesn’t have to be off limits if you have a poor credit history or are new to the process — look at your list of local mortgage lenders and see what options are available to you today.