Monthly payments lower

  • Consolidate your debts or catch up
  • There are more funds available

You don't have to be afraid if you are not able to obtain a mortgage while you search for a house. Your credit score is something you might be curious about. Anything below 670 is considered bad or poor credit.

There are no two bad credit situations the same. Lenders look at your credit score but also your income and downpayment. They also consider your debts and equity. For those with poor credit scores, there are many options to explore with lenders providing various mortgage packages.

What is a Bad Credit Mortgage loan?

Bad Credit Mortgage loans are loans that allow people with bad credit or poor credit to purchase a home. To secure the loan, you will need collateral.

Although you may be able to get a mortgage even if your credit is not perfect, you will still have to pay higher interest rates and make more mortgage payments. A large deposit is a good idea. You can use cash you have to pay your downpayment if you have it. Your credit score is not the only factor to qualify you for a loan amount. You can still pay the difference and get the home that you want.

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Here are some tips to help you get a mortgage if your credit is not perfect

  • 01
    Save a large downpayment.

    When considering your mortgage loan, lenders will consider your income, debt and down payment. The minimum down payment for a mortgage loan is usually 5% of purchase price (only for first time home buyers). If you can save more, there will be less risk. A higher down payment (20-25%) shows that you are financially secure to purchase a home. It also lowers your monthly payments.

  • 02
    Locate a cosigner.

    It is risky to get a cosigner for your mortgage, but it can be a great way to save money, especially if they have excellent credit. If you are unable to make the payments, the cosigner will guarantee that they will. Otherwise, the cosigner will legally be required to assume the payments. A co-signer will be eligible for a better rate on your mortgage because they are considered co-borrowers and their income is taken into account during the application.

  • 03
    There will be renewal options.

    You will be able renegotiate terms after the term ends. You can also work on your financial position during your current term.

    Brevity Mortgages is your trusted mortgage broker. Call us today. Ask Brevity Mortgages if a Bad Credit Mortgage is the right option for you and your home-ownership goals.

  • 04
    Increase your credit score

    Do not take on new debt. Do not apply for credit cards. This is a sign that you are desperate to get cash and can lead to more debt.

    Your oldest credit accounts should be kept. This will show a longer credit history. You can cancel any account that you would like to be removed from your credit history.

    Keep within your credit limit. Credit agencies and mortgage lenders will be able to see that you are responsible for your money.

    Make sure you pay your bills on time. Pay your bills on time. If you are unable to pay your bills in full, consider a payment plan. Avoid not paying your bills before due date.

  • Consolidate or catch up on your debt.

    If you have a bad credit and you get approved for mortgage, you will be able to deal with debts and high payments each month by consolidating them all into one payment. Your debt will then be all together in one lower payment.

  • More available funds.

    Getting this type of loan will help you with having more of a cash flow. The loan lowers your payment so you have more money for the everyday things you need.

  • Plan for the future.

    A Mortgage will allow your credit score to rise after you start making payments. The more time goes on, and the more payments you make, the better your score will become. You will be able to get better terms later on, saving thousands of dollars in interest.

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Why you should choose Brevity mortgages

Borrowers

  • We provide the most reliable mortgage solutions for your dream house
  • We provide curated solutions specific to your mortgage needs based on your qualification
  • Rapid mortgage approvals and fast closings
  • You can save time and Money
  • Best lender discounts and promotional offers for best interest rates
  • Access to experienced and professional Mortgage Agents
  • Brokers in the industry
  • Credit Score privacy

Brokers or and Agents

  • Dedicated team to help you with your clients
  • Veterans who share their industry experience and help you with each step
  • One on One Support and Training
  • Mentors that specialize in residential, commercial and business mortgages
  • Campaigns proven to work for potential leads
  • Online presence with digital marketing techniques
  • VIP access to top-tier compensation and lenders
  • A dedicated professional office space for client meetings and brainstorming sessions

FAQ

Frequently Asked Questions

Having bad credit does not mean you cannot get a mortgage. It could vary depending on your credit rating – as there can be a fine line between 'fair' and 'bad' credit scores. Some lenders offer mortgages designed for people with bad credit. But these can include higher interest rates and fees.

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