Many mortgage companies are hesistant to finance people with slow credit or no money to put down. A bad credit mortgage broker helps people who have bad credit score, low income, etc.
We have helped thousands of borrowers with a poor credit history get approved for great loans. We can help you with refinancing your current loan, or get you qualified for a second mortgage. We will help you compare rates for several loan programs. Our loans offer solutions for bill consolidation, home construction, and cash out refinancing.
People with bad credit are limited to mortgage brokers because the banks will not take the risk.
Bad Credit has recently been redefined with the virtually overnight decline of the so called "sub prime" mortgage business. While getting a mortgage with bad credit isn't quite as easy as it was just last year, we still have loan programs which allow borrowers with bad credit to refinance their homes.
Check the rates with a few more bad credit lenders and brokers and compare. Even though you have to pay a higher rate, see that the one you settle at is reasonable and the most favorable.
Most neighborhood banks do not cater to home buyers with bad credit profiles. Mortgage applicants with impaired credit history need help from mortgage brokers, who usually have working relationships with a number of mortgage banks that offer loans to people with bad credit.
Since mortgage debt is an important factor when credit bureaus calculate your credit score, getting into a short term loan and paying that monthly mortgage payment on time, can help your score. When the score is at satisfactory level, you might have more opportunities to refinance into a lower interest rate.
Always check with an FHA approved broker even if you think you have bad credit. FHA does not issue approvals based off just credit score like sub prime lenders do. FHA will look at your entire overall credit profile to make a loan approval decision.