Can I get mortgage financing to consolidate debt, refinance to payoff high interest loans, renew my current mortgage, or to buy a home ….with damaged credit?
Bankruptcy filings are at an all time record high. Many consumers have amassed large amounts of debt and have gotten behind in their bill repaying ability. Many think that there is no way they could qualify for a home loan how ever this is no longer necessarily true.
A poor credit history, while unfortunate, does not eliminate the possibility of obtaining a mortgage loan. Many people have experienced credit problems over the past several years. In response to the growing number of homeowners and potential home buyers with credit problems ….several lenders have now made available loan programs to assist those individuals with getting back on track with their credit profile. Lenders today have helped thousands of people with credit problems get the financing to consolidate debt, refinance existing mortgage, get into a home that they thought they could never qualify for.
What bad credit does is impact the rate that you are going to pay and the amount of equity that you will have to have in the property. A few credit blemishes will slightly raise your interest rate over the current rate.
Mortgage professionals can review your credit and see what can be done in the short term and also in the long term to correct your credit. Due to common last names, or an error of one number on a social security card number, credit files can be merged inaccurately. You should request a credit report to better prepare you before applying for a mortgage. That way if there are any errors you can work on correcting them before completing an application.
For a full in depth analysis of your mortgage situation and credit issues contact me Direct / Text: 905-903-0012 or email Info@NetworthMortgage.com