Just because you’re looking into getting a bad credit mortgage doesn’t necessarily mean that you have bad credit, it can be quite the opposite. You’ll want to look at them if you have some dings on your credit, if you don’t have credit and you’re just trying to build your credit up – there are so many reasons to choose this kind of financing! The important thing to remember is that you’ll want to work with a mortgage broker to get the most out of your mortgage. A mortgage broker is going to understand the market, what your chances are and help you get the most out of your next mortgage.
What is a Bad Credit Mortgage?
They’re mortgages like any other kind of mortgage that you would get from a bank or lender, but they’re geared more towards people with less than perfect credit or people that need to build their credit. Working with a mortgage broker will help you understand what your credit situation is and if there is any actual benefit that you’ll be able to get going this route. Just because you have bad credit doesn’t mean you’ll want a bad credit mortgage, and just because you have good credit doesn’t mean you’ll want a conventional mortgage. It all depends on the person and what they’re dealing with, never forget that!
Do You Have Bad Credit?
This really varies person to person, but remember no credit can be just as bad as 300 FICO score. You’ll want to work with your mortgage broker to make sure that you have good or bad credit – they’ll look over your history and help you understand how your credit score isn’t the end all be all of your credit. Some people will have an iffy credit score but decent credit, while other may have a high credit score on paper but have bad credit on their credit report.
Is This the Right Choice for You?
Everyone is different and a bad credit mortgage may be the right thing for you. You’ll never know unless you talk to a mortgage broker. They’ll be able to assess your situation, explain the kind of financing you can expect to encounter and help you get the best financing no matter what your credit situation is. You may not even need this kind of financing and could qualify for more conventional lending; it will just depend on your situation.
Working with a Broker
Working with a mortgage broker is going to be the best decision you’ve ever made about getting financing to buy a home or refinance the one you already own. We’ll be there through every step of the way, helping you make the most of any situation. You’ll be able to get a custom tailor fit solution for your financing problems, so why wait?