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Can A Mortgage Broker Help Me If I Have Bad Credit?

Mortgage brokers can help you handle your bad credit score and secure a great mortgage rate.

A bad credit mortgage broker can help people with credit problems. If your credit problems have just started, or if you’re on the path to rebuild your credit, there is a solution.

Buying a New Home

People with credit problems can buy a new home. It’s not as easy as just finding information on the internet, then going house shopping. You need someone who has experience dealing with people in bad credit situations to help you make sure the right paperwork is in order, and to help find out what you can really afford. They have contacts and access to lenders and can help you get a loan when the bank says ‘no’.

Depending on your situation, the Canadian mortgage rate interest will probably be higher than normal, and that will affect your maximum loan amount.

Keep Your Home

If you are currently experiencing credit problems, a bad credit mortgage broker may be able to help you keep your home. They can help you free up equity to help pay off other loans, or renew your best mortgage rate terms to make it more affordable.

Rebuild Your Credit

Having a good credit report is important if you want to borrow any money, and a bad credit mortgage broker can help you find a solution for your future. They can arrange affordable financing by renegotiating the interest for your low mortgage rate, or extending the term, so you can keep up with your bills and rebuild your credit.

Lower Your Payments

If you’re having trouble keeping up with your bills and mortgage, a bad credit mortgage broker may be able to help you actuallylower your payments. They have have special access to lenders and can often refinance your mortgage. You can change the mortgage terms to make it more affordable, or free up extra cash so you can finally pay off those high interest credit cards.

Reduce Your Interest Rate

If some time has passed since your took out a mortgage, you may be in a perfect situation to adjust the terms and get a lower interest rate. With a steady payment history, many people have unknowingly built up their credit to a point where they can save thousands of dollars in interest payments.

Your best solution is to talk to a bad credit mortgage broker and let them help you. There is just too much information out there, not all of it is for Canadians, and there are a few tricks only an industry insider will know.