What is an Adverse or Bad credit mortgage?
In this first article we want to make sure you understand what an adverse credit mortgage and adverse credit lender is and the terms used to describe them. Borrowers with a poor credit history or existing bad credit apply for what is called an Adverse or Bad Credit Mortgage, depending on who you speak to this type of mortgage may be referred to in a number of different ways, namely, a Poor Credit Mortgage, None Conforming Mortgage, a Sub Prime Mortgage or an impaired credit mortgage. Whichever term you hear people use, they will all be referring to the same sort of mortgage products. A bad credit or adverse credit mortgage is simply a mortgage that allows potential borrowers who have had credit problems (past or present) apply for and obtain a mortgage or remortgage. The different types of products available vary depending on the type and severity of the adverse or bad credit.
