How to Buy a House with Bad Credit?
The Basics of Getting a Mortgage with Bad Credit
Obtaining a mortgage is stressful, particularly for those of us with low credit scores. Fortunately, we’re here to help you navigate your options to find one that works for you.
Many lenders will avoid signing a mortgage agreement with someone who has a low credit score. From the bank’s perspective, bad credit means a higher chance of the borrower defaulting, making the loan a riskier deal.
Our team of brokers works with a wide range of lenders that specialize in mortgages for people with bad credit. As such, we can help you compare lenders, explore different rates, and find the best deal for someone in your position. We’ll bring our industry expertise to bear on your case, helping you get a loan with favorable conditions and a low-interest rate.
Can I Get a Mortgage if I Have Bad Credit?
Many consumers are dismayed to find out that mismanaging their finances early in life will have a long-term impact on their ability to borrow money. Taking out a mortgage is no exception. If you have a low credit score, it can limit your options for mortgages.
Bad credit can affect:
- Minimum down payment amount
- Mortgage rate
- Mortgage type
- Which lenders will lend to you
- Whether you will need a guarantor or co-signer
Will Bad Credit Affect My Mortgage?
Fortunately, many secondary lenders will offer reasonable mortgage terms, even to those with bad credit. Many will require you to pay a higher down payment and interest rate, but Mortgage Alliance - Shoreline Mortgages, Inc. can help alleviate the effects of those penalties. With our team at hand, you’ll be one step closer to realizing your dream of owning a home.
Finding You a Good Mortgage, Despite Bad Credit
Mortgage Alliance - Shoreline Mortgages, Inc.’s bad credit mortgage brokers specialize in finding good deals for people just like you. We put a vast network of mortgage experts at your disposal, ensuring we provide a range of options with favorable mortgage conditions. Put your trust in us, and we’ll make sure bad credit doesn’t stand in your way of purchasing a home.
We’ll help you:
- Secure a mortgage agreement with a suitable lender
- Negotiate a reasonable down payment amount
- Obtain a low-interest rate
- Save time, money, and stress
Important Factors in Your Mortgage Approval
When shopping for a mortgage broker, it is worth knowing that there are other factors that prime lenders might consider. If you are in-between credit score brackets, mortgage companies may weigh out some of your additional financial information to reach a decision. With that in mind, we may be able to find you a more agreeable rate than initially expected due to the following factors:
This is perhaps the most important factor when searching for bad credit mortgage solutions. Knowing you have a risky credit score, lenders will be more likely to work with you if your property appears to be a secure investment. You will most likely have to complete a real estate appraisal before being approved but having a property in good condition can have a positive impact on your ability to take out a mortgage.
Mortgage lenders like when you have a verifiable source of income. If you have a dependable and confirmable salary, this could have a positive impact on your mortgage rates. Even if you are self-employed and your income needs to be estimated, having a stable source of money can increase your chances of getting approval.
If you are looking to purchase a property, taking a little extra time to create a sizeable down payment on the house can have a positive impact on your chances of approval. The higher the percentage of your down payment, the more mortgage lenders will see your ability to save money and commitment to the property.
If you are hoping to refinance your home, lenders will typically allow you to increase your mortgage to a predetermined ratio. That being said, the more equity you currently have in your home, the more willing they will be to work with you.
Getting a Bad Credit Mortgage Doesn’t Need to Be Difficult
Here at Mortgage Alliance - Shoreline Mortgages, Inc., we aim to make the entire mortgage shopping experience a simple one. Our experienced agents have helped a great number of people with below-average credit scores get mortgage rates that they never thought they would be entitled to. Not only that, but we have also created a streamlined and client-focused process that helps you get the best mortgage possible without any unnecessary busywork. We do all the heavy lifting while helping you weigh out the options and understand exactly what you are entitled to.
Fast Approvals on Bad Credit Mortgages
Unfortunately, many situations could lead to a bad credit situation, but we don’t believe you should be punished for it. Therefore, we do everything we can to ensure that you get the best mortgage for your situation within a reasonable time frame. Waiting for your mortgage to be approved can be a nail-biting experience, which is why we strive to get all our clients the financing they need with maximum efficiency.
The Mortgage Broker You Can Trust
Contact Us Today
To find out what we can do for you, don’t hesitate to get in touch with a member of our team. We’ll be happy to answer any of your questions while explaining what we can do to help you. We’ll give you the guidance you need so that you can feel ready to choose us as your mortgage broker.
To get started, contact us today.