If you have bruised or bad credit and are seeking a mortgage, it’s possible that your local bank may not approve your application. However, there are alternatives to obtaining a loan from traditional banks, even if your credit score is exceptionally low. At Main Street Mortgages, we work with numerous lenders, providing a range of options to suit your specific needs.
Many of our lending partners specialize in assisting clients with credit issues. Although the interest rates for such loans may be higher compared to those for borrowers with good credit, this compensates the lender for the increased risk. However, the difference in interest rates may not be as significant as you might expect, as other factors may be taken into account. Another factor to keep in mind is that a larger down payment may be required to offset the lender’s risk, as compared to what is required for borrowers with excellent credit. By requesting a no-obligation consultation, you can learn about the various products available to suit your particular situation.
If your credit isn’t yet at the level necessary to purchase a home, don’t worry. We won’t turn you away. Your Main Street Mortgages broker can analyze your current credit report and provide you with a customized action plan to help you improve your credit score and secure a mortgage in the future.