The fact of the matter is, lenders simply do not want to invest in a high-risk individual who does not have the reputation of being able to handle making monthly debt payments in full and on time. They don't want these home buyers to default on their home - this is why a credit history helps these lenders determine if a specific borrower is high risk or not. While credit history is very important, it is only one factor that goes into determining your credit score.
Lenders will look at factors such as the type of debt you are carrying (such as car loans, child support, credit cards, student loans, and so forth), and they also want to see the actual amount of debt you are carrying versus the income you earn or other assets you hold. They'll look at how much money you are putting towards paying your debt off every month and how much you can afford to put down as a deposit on a home. So what can you do if you have bad credit but want to buy a home?
Getting Approved For a Mortgage Even With Bad Credit
Luckily, there are ways to obtain a bad credit mortgage Burlington Waterdown. Mortgage specialists, like Lee Anne Taylor, are very familiar with all the criteria that lenders use to determine whether or not a borrower will be approved for a mortgage or not. Typically, big banks will turn down borrowers who have a bad credit history. For this reason, alternatives need to be looked at to get approved for a home loan. Mortgage specialist at the banks can only offer you their limited lending products. A mortgage broker, on the other hand, works for you – not the banks. They shop your home loan over all the lenders – to find you the best terms and conditions – all at no cost to you!
Lee Anne Taylor has been in the mortgage business for years, and has the knowledge necessary to help you place your mortgage, even if you have poor credit. Even if you've been turned down by the banks, you still have other options. Lee Anne has access to lenders across Canada – from big banks to credit unions, finance companies and even private lenders. Many lenders will offer differentlending products and have different lending criteria, increasing your chances of finally securing a mortgage for a home you wish to purchase.
