Bad Credit Mortgage
Can I actually get a bad credit mortgage?
With our team we can put you in a stronger position for the future!
What can a Bad Credit Mortgage do for you?
How can a B Lender help me?
“B” Lenders are an option for those denied by traditional A Lenders or for those looking for more flexibility, but they can often be the lender of choice for those with strong credit and stable incomes.
Alternative mortgage lenders may also be more accommodating to an individual’s needs, such as providing interest-only mortgages to reduce monthly payments for those that are cash-strapped. This allows those that would otherwise not qualify for a traditional mortgage the opportunity to own a home.
Benefits of a Bad Credit Mortgage
- Usually, a bad credit mortgage lender or ‘b’ lender mortgage is financed on 1 to 3 year terms (rather than 5 year terms) giving the borrower future stability to improve their circumstances and quickly transfer back without severe penalties to conventional lending outlets.
- For clients that need capital but do not qualify through conventional banks for reasons. A ‘B lender mortgage’ provides a straightforward alternative
Precautions with a Bad Credit Mortgage
- Bad credit mortgage or “b” mortgages also require a property assessment for all mortgages. Equity in the property you own is important to qualify.
- Bad credit mortgage or B lender mortgages come with a higher price tag in two ways: interest rate and closing costs.
- A bad credit mortgage or “b” Lender Mortgage needs a 20 % equity, or cash down. Any less than this makes it unlikely to qualify