If your credit is less than perfect, you are probably well-aware how difficult it can be to get a mortgage. What you might not be aware of however how Rumy Gill a Brampton Mortgage Broker can help you get a mortgage and finally become a homeowner – yes, even if you have bad credit.
As a Mortgage Broker working in Brampton Rumy Gill has been helping people get bad credit mortgages for years, and he can help you too. Here’s how:
What is a bad credit mortgage?
A bad credit mortgage – just like the name suggests – is a mortgage or home loan specifically tailored for people with bad credit. While major banks and other “A Lenders” require that you have good credit in order to get a mortgage, there are B lenders and private lenders that specialize in helping people with poor credit get mortgages.
These lenders will look at other factors besides your credit history when making a loan. They will look at the bigger picture such as your ability to make payments and the value of the property that they are making the loan on. While the interest rates on bad credit mortgages are higher than on traditional mortgages, these loans also tend to have shorter terms. This means that it is possible to use a bad credit mortgage for a short term in order to build up your credit and eventually qualify for a lower interest traditional mortgage.
How can Rumy Gill a Mortgage Broker working in Brampton help you if you have bad credit?
If your credit isn’t good enough to qualify for a mortgage from an A lender, you should get in touch with Rumy Gill as soon as possible. Rumy works with dozens of lenders, many of whom specialize in Bad Credit Mortgages in Brampton.
Rumy will sit down with you and review your financial situation and mortgage needs before matching you to the most appropriate B lender. If your credit is too poor even to get a loan from one of these lenders, Rumy will discuss your options for getting a mortgage from a private lender.
No matter what the reason is for your bad credit, you shouldn’t let it stop you from becoming a homeowner. If you have been turned down by the major banks for a mortgage – or simply know that you would be if you applied – it is time to take action.
Contact Rumy Gill Brampton Mortgage Broker for an appointment to learn more about your options for a bad credit mortgage.