Apply For Bad Credit Loans Or Mortgages
Bad Credit Mortgages Brampton
Are you looking to buy the house of your dreams & looking for a mortgage, but your credit history is not the greatest? Don’t worry; we can help identify the right private mortgage lender that offers the best rates and terms for bad credit mortgages in Brampton. For more details, please do not hesitate to contact our team today.
What are Bad Credit Mortgages?
According to the Canadian Mortgage and Housing Company (CMHC), a bad credit mortgage is a type of mortgage refinancing that allows borrowers to pay off their existing mortgage and secure another loan completely. A bad credit mortgage is a type of mortgage where you clear your current mortgage and replace it with a new one. It offers the borrowers a higher mortgage ensuring they can borrow money, including having the best interest rates as well. The new right mortgage will have new rates and terms. The repayment period will also be long, and the interest rate is low compared to other mortgages.
Bad Credit Mortgages for People Throughout Brampton
You should be granted a loan if you have the necessary resources to pay the amount back on time. However, traditional lenders will look at an individual’s credit score as the deciding factor to decide if they are eligible for a mortgage or not. If your credit score is poor, it should hinder you from applying for a mortgage. Don’t worry; you can get in touch with us to help you secure a mortgage even with your bad credit scores. For more details, please speak to our friendly team. We will address any queries that you may have regarding private mortgage lenders.
Bad Credit Mortgage Approvals in Brampton
For people who have a bad credit score, it can seem like a losing battle to find a traditional lender that sympathizes with your financial situation. conventional private lenders like banks and credit unions will only entertain loan requests if the individual’s credit score is around 640 or more. Luckily, those aren’t your only options to secure a mortgage. Our experienced mortgage agents can help you find a private lender that will provide you with a loan even with your poor credit scores history. Over the years, we have built a good relationship with several alternative lenders in the Brampton region. Give our team a call today to discuss your specific requirements & mortgage rate with bad credit mortgage lenders.
Why should one Choose a Bad Credit Mortgage in Brampton?
That is a great question. Below-mentioned is some reasons why a person should consider applying for a bad credit mortgage with private lenders.
Approval is immediate and straightforward your credit score is poor and you approach a traditional lender for a bad credit mortgage, there is a very slim of your bad credit mortgage request getting approved. However, the mortgage agents at Harpreet Puri Mortgage Agent will assess your financial situation and based on your specific needs, identify the right private lenders to help get your bad credit mortgage request approved. In some instances, we can get your mortgage approved in less than 48 hours.
No credit check required
When you decide to have a bad credit mortgage approval, you don’t need to worry about any sort of credit check, even if your credit score is low. When it comes to getting our client's bad credit mortgage approved, we will look at other factors such as collateral, etc.; hence, no credit check is required to get mo approved with a private lender.
Chance to improve your credit score
If your income is low and your credit score is not the best, or you are a self-employed individual, and you have declared your income is not a normal way, then you might be eligible for super-low loan interest rates. If you sought the help of the mortgage agents from Harpreet Puri Mortgage Agent and ensure you make your scheduled monthly repayments on time, you have the chance to improve your credit scores over time. Another way you can enhance your credit score is to avoid making any unnecessary purchases on your credit cards or other lines of credit options. For more information, please feel free to call our team.
Do Bad Credit Mortgages have Affordable Interest Rates?
If you do not have an excellent credit score rating, it could pose a challenge as your credit score is on the lower side. However, there are various ways you could get a low-interest rate on your mortgage. For example, if you make a higher down payment, you will be eligible for low-interest payment options. Additionally, if you manage to find a guarantor or a co-signer, that would be fantastic. Even at some point, if you fail to make your monthly rescheduled payments, your co-signor will be able to help you out or be held responsible because of your financial instability. As the name suggests, a guarantor is an individual that makes sure the mortgage payments will be made on time. However, they do not own the house, and neither does their name appear on the title.
Pros of bad credit mortgages:
- Your mortgage approval application will be approved instantly, and you can get quick access to funds.
- Other than buying a new property, bad credit mortgages can also be used to pay off several dues and debts.
- They can improve your credit score over time if you regularly repay your dues.
- Borrowers are given the option to consolidate all their outstanding debt and pay them off at interest rates that are low. You will be saving cash in this process.
We Can be Your Trusted Mortgage Services
At Harpreet Puri Mortgage Agent, we are committed to treating our clients with the utmost respect and professionalism. We understand that it can be difficult for people with a poor credit history to secure a mortgage. That is why our mortgage agents are more than happy to guide you in every stage of the process. We will help you get even a low credit score mortgage approved.
In addition to finding the correct bad credit mortgage, we will also provide complete information to help you make a well-informed decision and get the best mortgage terms. Even if you are unsure, our mortgage agents will help you out. As an individual with a bad credit score history, it is imperative that they understand the reason and is willing to take the necessary steps to improve it. If you are considering buying a house and need a bad credit mortgage in Brampton, you cannot go wrong with Harpreet Puri Mortgage Agent.
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