http://www.florida-home-mortgage-rates.com/bad-credit-home-loan-rates.html Bad credit home loan rates today are still low enough to qualify most people for a loan- - thats not the problem. The problem arises when bad credit home loan rates are posed to soar out of control - and your monthly payments right along with them. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 People looking for a Florida home need a home loan. No question - unless you are a multi-millionaire looking to shake things up in Naples, Miami Beach, or Forty Lauderdale you will definitely need financial assistance to make that home purchase. But so what - everyone takes out a mortgage! Even bad credit applicants get the financing they need, and their bad credit home loan rate might be a little higher than prime, but its still affordable - right? Misunderstanding bad credit home loan rates There is a single key term you need to remember at all times when considering bad credit home loans - adjustable rates. Initially, your rates will not be significantly higher than what good credit applicants would receive, and depending upon your income you may qualify for a loan amount large enough to actually purchase the incredibly expensive and rapidly appreciating Florida home of your dreams. But remember those adjustable rates: Your initial low rate remains fixed for a term of 1, 3, 5, or 7 years, depending on the loan you apply for. Then the adjustments start, and then you are at significant risk. Interest rates are only now beginning to climb, and mortgage professionals across the country estimate the prime rate will climb to about 7.5%, meaning bad credit home loan rates will climb even higher. Depending on the adjustment caps attached to your loan agreement, you might be paying significantly more every month than what you pay in the beginning. If you bank on increasing income levels and a home appreciation set on auto-pilot then really it is no wonder you needed to take out a bad credit home loan. The happy days of real estate are coming to a close - nows the time to pay attention and make the cautions decisions common to the world of home finance. Sat, 26 Jul 2008 15:00:00 EDT