Bad Credit Mortgage NiagaraIs your poor credit getting in the way of you securing a mortgage loan? It’s no secret that banks are wary of loaning to folks with bad credit. Personal loans can be equally difficult to secure, leaving one wondering if they’ll ever be able to purchase their ideal home. Luckily, there are some options for getting a bad credit mortgage.
If your home bank turns you down for a mortgage due to poor credit, there are several other institutions and alternative lenders you can contact. Private lenders, credit unions, and mortgage investment companies approve vast amounts of mortgages each year. These bad credit lenders are useful if you have poor credit because they don’t approve mortgage loans based on your credit history. As long as you have the funds on hand, you can find a lender that will overlook your poor credit. Bad credit lenders work with a variety of clients, including those that have:
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With a bad credit lender, you just need to make sure that you can provide proof of income. While your credit history is unimportant, lenders want to know that you can repay the loan. Proof of income is also important because the down payment of a bad credit mortgage is pretty high, ranging from 15% to 25% down. When working with a bad credit lender, you’re more likely to get approved if you can provide a large down payment. Aim to have at least 20% of the down payment and some funds to cover any additional closing costs.
Before securing a bad credit mortgage, you should consider your debt to income ratio. Examine all of your housing expenses including costs for property tax, interest payments, insurance, or homeowners association fees. Once you’ve calculated your expenses, compare that with your income. If you have a high debt to income ratio, it may become difficult to meet monthly payments. While bad credit lenders will overlook your poor credit, your debt to income ratio is an important factor in their decision to approve your loan. Make sure you can afford the costs associated with securing a loan before you approach any potential lenders.
If you’re trying to secure a bad credit mortgage, it can be useful to work with a mortgage broker. That's where I come in! I can help you find the best deals on interest rates and terms. I work with a variety of bad credit lenders and institutions, which the loan officer at your bank doesn't have access to. I'll make sure we find the right lender for you, saving you time and money when securing a bad credit mortgage.
Before securing a bad credit mortgage, you should consider your debt to income ratio. Examine all of your housing expenses including costs for property tax, interest payments, insurance, or homeowners association fees. Once you’ve calculated your expenses, compare that with your income. If you have a high debt to income ratio, it may become difficult to meet monthly payments. While bad credit lenders will overlook your poor credit, your debt to income ratio is an important factor in their decision to approve your loan. Make sure you can afford the costs associated with securing a loan before you approach any potential lenders.
If you’re trying to secure a bad credit mortgage, it can be useful to work with a mortgage broker. That's where I come in! I can help you find the best deals on interest rates and terms. I work with a variety of bad credit lenders and institutions, which the loan officer at your bank doesn't have access to. I'll make sure we find the right lender for you, saving you time and money when securing a bad credit mortgage.
If your bank refuses your mortgage application due to poor credit, there are many other lenders that you can turn to. The down payment for a bad credit mortgage will be high, but as long as you have the funds available you should be able to get approved by a lender. I can help you get approved and make sure that you find a lender that is the right fit for your needs. A bad credit mortgage can be a good way of making sure that nothing stops you from purchasing your ideal home.
Just call me at 289-272-5335 and let's find a way to get you into a home!
Just call me at 289-272-5335 and let's find a way to get you into a home!