You might wonder, why would anyone choose to buy bad credit mortgage loans? Why not just repair your credit first, and then find a traditional mortgage? The answer is – you could do either. The benefit to purchasing a bad credit mortgage is that you can own your own home right away, and sometimes it’s a good way to take advantage of a favorable condition in the housing market. Also, having a mortgage on your credit report can help the credit repair process. On the other hand, repairing your credit first is an option if you have a few years to spend and you don’t mind waiting on a house in order to get a better rate. One way to decide what is right for you is to see how much a bad credit mortgage loan might cost versus the same loan with good credit.