Bad Credit Mortgage
If you have a score which keeps on plummeting to the dark side or a habit of making late payments or simply an inability to make payments towards the sum you have borrowed, you have bad credit mortgage. These two words usually become synonymous with the sentence, “You can’t get a mortgage”. At VPMortgages, we believe otherwise. We agree that getting a mortgage with bad credit may be hard, but it sure isn’t impossible.
How does bad credit affect you when getting a mortgage?
Bad credit mortgage is definitely bad for your mortgage plans and can be quite a big hurdle in the path to your dream home or simply of a big investment. So, why does it affect your mortgage?
- It makes you seem lethargic to a lender, leading him to believe that you will not make the effort to make your payments.
- It makes you seem unable to make the payments. Maybe your score would have plummeted because of a certain, unforeseen event which required you to dole out a large amount without having the finances to recover from it. But the lender doesn’t know this and hence he will assume that you are not capable of making the return payments.
- It will make you see untrustworthy to a lender. This is because the lender might assume that you are going to take their money, use it and not have any intention of paying it back. This may make him reluctant or straight out refuse to give you a mortgage
- It makes you seem like a higher risk. This is a valid point of concern for a lender. They are entrusting you with their money, so they need to be sure you are not a flight risk. This means that you will have to work twice as hard to get a mortgage.
All of this leads to the common point that you are most likely to be denied a mortgage. VPMortgages can work with you to reverse these pointers and open you up for other options and still get you good rates. We can turn bad into good.
What can VPMORTGAGES do for you?
As a broker, Varinder Masaun understands that a dream should never be just that. He is a dedicated and talented broker who has worked with various clients with bad or bruised credit. This implies that he has an experience where it is required. He can guide you through the process and make sure that you are getting the best. A few common requirements from lenders would be:
Higher down payment: Since you pose a higher risk, the lender is likely to ask you to give a higher down payment than normal. VPMortgages can help you align your finances to achieve this down payment and give a start to your mortgage process.
Appraisal: If you are taking a loan out for buying a home, your lender will need to appraise the property and analyze the equity. VPMortgages can help you through the paperwork and other procedures required
The mortgage process is very complex, and it is even more so with a bruised credit rating. VPMortgages works for you and your interests. We can help you negotiate with the lender and ensure that you have a variety to choose from. Since we are in touch with a large number of private lenders as well, we can help you get better rates with them even if you don’t qualify for a traditional loan.
A mortgage isn’t an obstacle, it is an asset. You just need the right mortgage broker to facilitate that change. Consult with VP Mortgages today!