To see if you're suitable a certain mortgage product, they will look into your personal credit account and start the approval process for your transaction. Mortgage brokers on the other hand are professionals who are peddlers of mortgage products. They are the ones responsible for bringing together mortgage lenders and their borrowers. These home mortgages differ in their loan terms or their rate status. The advantage of each type of home mortgage depends upon the financial situation of the times. Some home mortgages fare better when interest rates are low. Others rise up to the challenge of high home mortgage rates. Fixed Rate Home Mortgage Fixed rate home mortgages are home mortgages whose interest rates remain set for the duration of the loan term. The savvy investor can make it so that his investment using the money he gets from the per month difference growth of an interest-only mortgage can increase within a short period, thus leveraging incomes to build assets. This is partly the reason why interest-only mortgages are still preferred by big-time investors. This means that the interest rate and the amount of the monthly adjustable-rate mortgage payment may vary, going either up or down. With adjustable-rate mortgage payments, there is little chance of you knowing what your future monthly payment would be. Some types of adjustable-rate mortgage payments have limits to the interest-rate increase. Larger down payments usually mean smaller monthly payments for your bad credit mortgage loan. This also means that you can slowly and steadily reduce your bad credit mortgage loan balance, providing for better affordability. A Few Companies Offering Bad Credit Mortgage Loans Bad Credit Loans & Mortgages are offering a bad credit mortgage loan program that involves the following key features: lowest interest rates in the U. The disadvantages however include significantly higher monthly payments, especially when compared with 30-year fixed rate mortgages. This setback of having a 15-year fixed rate mortgage may restrict home buyers to smaller houses than they might be able to afford with longer-term loans. There are also other factors to consider when choosing which type of fixed rate mortgage you want to take.