You can secure mortgage, even with bad credit!
It’s normal to make financial mistakes over your lifetime. And if you have less-than-perfect credit, you may worry that you will never be able to get a mortgage and become a homeowner. At Donna Mullen & Associates, we want you to know that you still have options. With a bad credit mortgage, you can secure a loan and leave your renting days behind.
What is a bad credit mortgage? Often referred to as a sub-prime mortgage, these loans are offered to homebuyers who have lower credit ratings. Because the lender sees the borrower as a larger-than-normal lending risk, a conventional mortgage is not a possibility. Although the interest rates on bad credit mortgages are typically higher to compensate for the higher loan default risk, these loans are still worth looking into.
Keep in mind that credit score is not the only factor lenders consider when providing loan options. If you can present a significant down payment and that you have the monthly income to handle a mortgage payment, for example, these factors can help you secure a better rate and a better loan.
We are here to help you explore all your lending options if you want to take out a mortgage and purchase a home in the Sault Ste Marie, Ontario area. Remember that even if you have poor credit, buying a home is not outside of your reach. To learn more about taking out a bad credit mortgage and find out about what the application process looks like, contact us today.
At Donna Mullen & Associates, we assist clients with bad credit mortgages inWasaga Beach, Collingwood, Meaford, Owen Sound, Barrie, Sudbury, Sault Ste Marie, Thunder Bay, and Stayner, Ontario.