A second mortgage is a perfect alternative to mortgage refinancing or taking out an unsecured loan for when you need money when you have bad credit. We all know that it is no secret that having a bad credit score can make it challenging to find lenders that will work with you and offer you a refinance including your bank, however this when a second mortgage can be a great option help you out.
If you have an existing mortgage and want to get rid of the high interest debt or outstanding debts you have, then you may be able to refinance those debts outside your mortgage into a second mortgage with low affordable monthly payments without worrying about your credit check or income verification. To get more information on your particular financial situation and how a second mortgage can help you then you need to talk to our experts and get in touch with us now.
What is bad credit history?
A bad credit history means that an individual has a record of having poor or lack of financial responsibility. Issues such as; a bankruptcy, collections, late payments or not being able to make payments on time towards your debts, can all lead to a low credit score. It is essential that you obtain a copy of your credit report and repair your credit file by requesting to make corrections in your report, such as if you have noticed any mistakes then you should make sure that they are corrected immediately. However, it is important to make sure you if you have any outstanding debts or collections that they are all brought up to date and paid in full. This will help bring your credit score up over time as long as you continue to make regular payments to creditors on all your other outstanding debts. Our team understands that it can be daunting and challenging process to understand how credit works and we are here help. Not to worry you can rely on our team to help you get a second mortgage with low affordable monthly payments even if you have a bad credit score.
Professional and reliable mortgage experts
Having a bad credit score can make your search for a mortgage difficult. But it doesn’t have to be, you can rely on us to help you with finding a second mortgage option that will work with your credit rating and financial situation. Our team has many years of experience in helping individuals find a second mortgage for with bad credit at great rates and affordable monthly payments.
Here are a few factors that will help you with getting a second mortgage:
Have at least 20 percent or more of equity in your home
Provide an on-time bill payment history
Provide proof of stable employment and income history
Home equity loan with bad credit
If you’re a homeowner with equity in your property, there are chances that you can still be eligible for a second mortgage. Contact our mortgage experts today and we will help you with all your requirements.
For more information about how you can get a second mortgage with a bad Credit score in Brampton, call us to know more