It’s a common misconception that people with bad credit are doomed when it comes to getting approved for a mortgage. While going the traditional route might prove difficult – such as going through the big banks – there are other savvy ways to go about getting the mortgage you so desire.
Don’t throw in the towel and give up your dreams about becoming a home owner just yet. There are lenders out there who specialize in providing mortgages to those with bad credit who would otherwise be denied a loan from typical lenders.
What You Should Know About Bad Credit Mortgages in Ontario
While it’s highly possible to get a mortgage even if your credit score is very low, it’s important to note that you’ll most likely be better off dealing with independent mortgage brokers and private lenders who are seasoned in the world of bad credit mortgages.
In addition, you’ll probably be looking at paying a higher interest rate against your loan compared to mortgages given to those with a good credit score.
Nevertheless, bad credit mortgages are available, and can even help you improve your credit score over time as you continually pay off your mortgage! You will need a down payment and a steady source of income to qualify.
Marcelle Tiqui is Your Source for Bad Credit Mortgages!
Many home buyers may not even be aware of what their credit score is. If it happens to be under 600, the chances of being denied for a mortgage from a typical bank are quite high.
Instead of getting caught off guard about the state of your finances and your credit health, call Marcelle Tiqui. She can help you identify what your credit score is, and guide you in the right direction when it comes to getting approved for a bad credit mortgage Milton. With the plethora of lenders that Marcelle works with, she’ll know exactly which lender to approach regarding a mortgage with bruised credit so that your chances of getting approved are much higher.
In addition to helping you get approved for a bad credit mortgage, Marcelle can also those looking to refinance their homes, get a second mortgage, a home equity loan or line of credit.
Ready to start the mortgage approval process? Get in touch with Marcelle Tiqui today! Visit MarcelleTiqui.com for more information on home loans in Ontario.
