👉 Mortgages with bad credit are like asking someone for a loan that they won't be able to pay back, because they have no assets to抵押。 "I need to buy a new car but my credit score is only 60 points," said the customer. The horror is when you take out a mortgage with bad credit and find out that the rate you're paying is higher than what you were offered. "My bank made me an offer I can't refuse, but it's so expensive to get approved for this loan."