With take over mortgages, the interest rate and the monthly payment schedule is assumed by you. This means you can save a lot with take over mortgages, especially if the interest rate on the existing loan is lower than the current rate on new loans. However, lenders can change the loan terms of take over mortgages so you must be prepared for that. 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. However, these points won't really exclude anyone from mortgage refinancing entirely. It's just that rates might just be a little bit too high to give any room for savings or rates are not low enough to make mortgage refinancing worthwhile. Mortgage refinancing may also turn sour for buyers with good credit. As an added bonus, consumers who buy their variable rate mortgages from ING Direct have the option to convert their variable rate mortgage into a fixed rate mortgage of 3 years or more. This conversion from a variable rate mortgage to fixed rate can be done any time without penalties. Every 3 months, ING Direct variable rate mortgage interest rate will be adjusted to reflect their prime rate. Looking for a home mortgage usually involves you, your money, and a bank officer or a mortgage broker. So what's the big deal? You ask. The end result is the same - you get a mortgage; you get a new house. But these two job types are different and it is important that you at least understand that difference. Lower interest rates mean lower monthly adjustable-rate mortgage payments. Higher interest rates mean higher monthly adjustable-rate mortgage payments for you. There is no middle ground. Adjustable-rate mortgage payments are basically a trade-off - you exchange more risk for lower rate with an adjustable-rate mortgage payment.