Why you should Work a Mortgage Broker if you have Bad Credit

Why you should Work a Mortgage Broker if you have Bad Credit?

There are a lot of professionals out there who can help people with Bad Credit, but one type of professional that is often overlooked is the Mortgage Broker. And that’s a shame, because there is a lot that Mortgage Brokers can do to help individuals who have less than perfect credit.

For those looking to become homeowners

These days, it is hard enough for people with good credit to become homeowners – so is there any hope for people with bad credit? The answer is yes! Although you won’t be able to get a mortgage with a major bank if your credit is poor, there is still a good chance you can get a mortgage if you work with a mortgage broker.

As a mortgage broker, I have access to dozens of lenders, some of whom specialize in helping people with poor credit get into homes of their own. If your credit is too bad even for these types of lenders, I am able to offer you other solutions so you can own a home of your own. 

Those who are already homeowners

If you already own a home, you may be wondering why you would want to consult with a mortgage broker. Well, if you have a lot of high interest debt (like many people with bad credit), a mortgage broker can offer you solutions that can help you get out of debt faster.

Essentially, the way a mortgage broker does this is through various mortgage tools that help you consolidate your debt by accessing the equity in your home. This helps you to significantly lower the interest you are paying on your debts – meaning you can get out of debt faster and improve your credit. 

Strategies that I can offer to help you get out of debt faster include the following: 

  • Refinancing – break your current mortgage and get a new mortgage that pays off your other consumer debt.
  • Second Mortgage – a secured loan that pays off your existing debt. 
  • Home Equity Line of Credit – A revolving loan secured by your home equity.
  • Reverse Mortgage – A product specifically for those aged 55 and older that provides a lump sum of money or a monthly income. 

So, if you have bad credit and you are looking to buy a home – or if you are already a homeowner and would like help to get out of debt – working with a mortgage broker is just a smart thing to do.

To learn more about what I can do for you, contact Rumy Gill – Mortgage Broker in Brampton today for FREE Consultation 

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