When you have bad credit and you want to refinance your home or buy a new one, a bad credit mortgage may be the answer you’re looking for. You’re going to need to look at many different lenders, compare interest rates, think about how much you need and how much you can repay. This can be a major time and financial investment trying to find the right mortgage lender, or you could just hire one of our Toronto mortgage brokers to help you get the financing you need to buy a home. Just because you have bad credit doesn’t mean you can’t get financing!
What is a Bad Credit Mortgage?
Bad credit mortgages sound bad, but they’re not really. You’ll be able to get the money that you need to finance a home or refinance your current one. Here are some things that make this kind of mortgage different from a conventional mortgage:
- Less Emphasis on Credit: Here you’re going to find a lot less emphasis on credit. You’re more than just a FICO score and lenders who give these types of loans will be more open to lending to someone who doesn’t have the best credit. You will want to bring up your FICO score as high as you can before you apply for one of these loans, or you may end up paying a great deal of money in interest payments.
- Easier Loans: If you’ve had trouble getting financing in the past, you know how important it is to have a quick and easy application process. You’ll find out within a few weeks usually if your application has been accepted. Just because someone takes your mortgage application doesn’t mean you have to do business with that lender. Mortgage brokers apply to many different lenders on your behalf to improve your chances of getting the right loan for your needs.
- Save Your Home from Foreclosure: If you’re facing foreclosure you may want to think about this kind of lending. It will help you stay in your house and give you easier repayment terms than you faced with your original lender. You shouldn’t lose your home just because you have bad credit, and just because you’ve already lost your home doesn’t mean you shouldn’t be able to get the money you need to buy a new one.
Is a Bad Credit Mortgage Right for You?
If you’ve had difficulty getting financing before and you want to own a home it may be the right choice for you. Just because you have bad credit doesn’t mean you can’t start rebuilding your credit. We’ll help you explore your options; when you work with one of our Toronto mortgage brokers you’ll be able to get pre-approved for your mortgage before you even start looking for a house. You’ll know how much you can expect to get, and we’ll get the interest rate as low as it can go. We’ll work until you’re happy! If you’d like to learn more, contact us and see what we can do for you today.
Contact us today and see what we can do for you.