Eternal Product Of The Senseless Mind?

I have always wondered whether statements quoted by great men make any sense in times of hardship. Not many people would have the grit and tenacity to mortgage properties in these adverse times; however mortgages with bad credit are the last resort for some who are taking frantic steps for their redemption. The disturbing fact is that bad credit mortgages have interest rates that are far more bloated than their conventional counterparts. The entire brain child of the concept of bad credit mortgages was born due to the competition amongst lenders which forced them to diminish the rates in order to acquire customers. The financial crisis has not only annihilated the eco-chain, it has also made a severe bump in the credit rating of the borrowers.
Credit rating is a measuring scale which checks the reliability of the lender making note of the past history. Credit rating examination is a litmus test for the borrower which he ought to get through. It is crucial that the borrower survives the intense scanning as every time he is turned down, the credit rating takes a beating which eventually reduces the chances of getting a mortgage. In the scanning process, the lender will analyze the source of the capital, relevance and sensibility of the investment and past records of bad credit.
The financial slump has given a black mark in almost each and every person’s credit history. This is where the quandary starts for both the borrower as well as the lender.
The lenders are very strict in rejecting deals due to bad credit history of people in the same family. A victory can be called a flash in a pan but one defeat often gives people a dire impression to the lender. Investors are mislabeled and in some cases even ostracized from the mortgaging world.
But as always, there is hope and light in the form of a concept known as bad credit remortgages (i.e. borrowing against equity in your home). It acts as a savior by washing off other debts and being abreast with the payments of your remortgage. The common mistake that investors do is decreasing the amount of down payment and in turn escalating the interest rates. It is healthier to make a heavy down payment and reduce the interest rates. Even here, credit rating numbers play a pivotal role in prevaricating the value of the down payment.
The entire concept of bad credit mortgages is a product of the senseless and hasty minds of the various components existing in the system of mortgaging. The pricking query lies in the fact that whether it will be eternally successful or not. We are not Nostradamus and hence it is better we wait for time to give an answer!