Banks need to protect their assets. So they can't just lend money to anybody. Banks need assurance too, some form of security, that you'd pay the money back. It only makes sense that they would ask for a mortgage on your property before they lend you anything. Other than that, you need to have good credit, too.
The concept of a mortgage came from the Old French principle of "dead pledge". It means that the pledge ends, or dies, when either what was owed is paid back or the property is transferred claimed through foreclosure.
For individuals with bad credit, there are this so-called no qualifying mortgage options to help them get back on track. In no qualifying mortgage, the lender is still asked to file a mortgage on a property or asset, but the difference is that having a bad credit won't get in the way of your chances of being approved. That's one thing off your shoulders.
No qualifying mortgage means a lot to individuals with bad credit history. There are some companies that specialize in mortgages from people with bad credit. If you're looking to start a loan, and your credit history leaves much to be desired, you should talk to one of these companies.
There are currently several different types of loans and mortgage options available, including no qualifying home loans, zero down mortgage loans, interest-only mortgages, interest-only loans, and etc.
Different loan companies offer different mortgage options. It's your job, as the borrower, to find out which services they offer, and if their policies jibe well with your own financial situation. Talk to your financial adviser if you need help in this matter.
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