How Mortgage Broker Services for Bad Credit Can Help
Qualifying for a first mortgage, second mortgage, or line of credit when you have poor credit is challenging, but not impossible. While you may not qualify for a mortgage through prime lending institutions like banks, credit unions, and trust companies, there are other types of financing that you can get approved for. Here's how mortgage broker services for bad credit can help you secure a home loan through alternative or private lending. You must have a down payment or equity in your home.
Alternative Lending
Alternative lenders offer mortgage products that help individuals who do not meet traditional borrowing guidelines with prime lending institutions. While these alternative lenders tend to charge higher interest rates and borrowing fees, alternative mortgages are a great temporary solution for borrowers with bad credit. Once your financial situation has improved, your mortgage broker will help you move your mortgage to a prime lending institution. By working with mortgage broker services for bad credit, you'll have access to alternative lenders and loan products that aren't available directly to the general public.
Private Lending
Private lending is another temporary borrowing solution that can be arranged by mortgage broker services for bad credit. From individual investors to private corporations to self-directed RRSP lenders, there are many options for securing private financing. In many cases, private lenders have less stringent borrowing guidelines than traditional and alternative lenders. While you can expect to pay higher interest rates and borrowing fees with a private mortgage, you'll be fully advised of all costs by your mortgage broker services for bad credit.
Private loans are a band-aid to solve a temporary problem in your life. Your mortgage broker will also help you develop a strategy to pay off your private mortgage as quickly as possible so that you can get back into the traditional lending market.
Are Mortgage Broker Services for Bad Credit Right for You?
Alternative and private financing are just two of the ways mortgage broker services for bad credit can help you qualify for the funds you need. Book a free, confidential consultation with a mortgage broker today to find out if alternative or private lending is right for you.
Request Mortgage Info