Looking to invest in a new home but worried about your bad credit score? Drowning in debt and eyeing to consolidate it with your current mortgage? A bad credit home loan is your best option. But are you sure of the steps that you are about to take? You might want to seek help from a bad credit home loan broker.
A Bad Credit Home Loan Broker Understands Your Situation
Banks tend to be a snob when it comes to bad credit loans. Credit score plays a big role in securing a loan through a bank. Non-conforming lenders think differently. They believe in second chances and look beyond your bad credit. They go after your capacity to repay a loan now, and not in the past. A loan broker gives you access to these non-conforming lenders.
But why do you need to go through a home loan broker instead of going straight to a non-conforming lender?
Too many enquiries in your credit file can be prevented with a loan broker. A loan broker will sit down with you and will ask for financial documents same as a regular bank. The difference is that a loan specialist will dig deeper into why you are currently in the financial situation that you are in. They will try to discover what circumstances in the past lead you to all those black marks in your credit score. If you are not well-versed with financial jargons, a loan broker might help you understand what your credit file says.
Expertise and experience are what makes a bad credit home loan broker an ideal ally for your mortgage application. They can professionally inform you if you can get a bad credit mortgage approved or not. But unlike banks who would simply point you towards the door, a loan broker can help you improve your credit. They can access your situation and tell you on which areas to improve to be able to qualify for a bad credit home loan in the future. That’s good financial advice plus one less inquiry added on your credit file.
Unlike what most people think, most mortgage broker advice is free. The financial advice that they offer are usually free and the compensation they receive is in the form of a brokerage fee and most of the time shouldered or commissioned by the lender. Some complex situation will require a small fee as well as loans that are considered small. All in all, you should take advantage of learning from a loan broker and getting as much financial knowledge as you can from them.
A bad credit home loan mortgage broker makes the process faster and easier for you. Clients that are not financially versed would benefit a lot from having that one person you can ask for advice or guidance throughout the start and final stages of the application. A loan broker is the voice that connects you to non-conforming lenders expertly, increasing the chances of a mortgage approval for you.
So, do you need a home loan broker to help you through your bad credit home loan application? Talk to an Intellichoice mortgage broker today and see the value of getting an expert to help you with your home loan application.