Getting a Mortgage With Bad Credit
If you think you might not be able to buy a home or refinance the one you already have to get rid of debt or get some cash for home improvements because you have bad credit, you might want to think again.
The mortgage business is very competitive, and there are literally hundreds of lenders or wholesale lenders all over the country who would seriously consider doing business with you even if you have bad credit.
You might be wondering why they would want to do business with you.
Here's why...
Most people think that you can only get a mortgage from the bank on the corner and that your credit must be perfect.
This isn't exactly true. These lenders, called "wholesale lenders," have programmes designed to meet the needs of many different kinds of people.
Even if you have bad credit, don't have any money to put down, or want a loan with only interest, there is probably a lender out there for you.
You can do your own shopping around or hire a mortgage broker to do it for you.
A mortgage broker is not a lender. Instead, they work for lenders to find customers for them and, if possible, fit them into their programmes.
If your situation is unusual or difficult, you might want to use a broker. They have access to literally hundreds of wholesale lenders, and it is their job to guide and teach you through the whole mortgage process, from the beginning to the end.
Let up to four brokers look at your situation, and then choose the one that meets your needs and budget the best.
