905.537.8815 FSCO No. 10420
Banks and "A" Lenders pay us for your residential service. EXCEPT bad credit mortgages, some self employed mortgages from "B Lenders", private mortgages or multi-use and commercial loans - broker fees are payable by clients. Lenders change their products and interest rates without notice.
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Low credit score mortgage -- Is there such a thing ? Banks don't want to lend money if you have credit problems, even minor ones. Anything below 620 credit score can be considered too low for bank financing.
There are many components to credit reports and scores that get evaluated to determine your credit worthiness, not just the score. Lenders look at your whole picture to decide whether you're a good or bad credit mortgage risk, as follows:
Occasionally, if the mortgage amount vs the home value is low and there are good reasons why the credit score has slipped temporarily, banks might consider giving you a mortgage.
Clients often go from bank to bank shopping for a mortgage thinking that just because one bank turned them down, another one will not. That is a mistake -- you need a bad credit mortgage lender. All banks have the same credit qualifying guidelines, so if one turned you down, all will. Each bank you go to will pull your credit -- all this shopping around will only drive your credit score lower, making it even more difficult for you to get a mortgage.
A low credit score mortgage is alternative mortgage financing, available through the broker channel non bank lenders. In addition to bad credit mortgage clients, this financing is also suitable for:
There are differences between alternative mortgage financing and a bank mortgage.
What happens if you're buying a home and can only get 65% from alternative mortgage lenders ?
That's when second mortgage lending can make up the difference.
Second mortgage home loans are used to top off the first mortgage -- both to buy a house or when refinancing home mortgage. A second mortgage lender is mainly concerned with the property quality, location and the amount of equity available.
You can get second mortgage home loans up to 85% of purchase price and to refinance home equity mortgage. Usually, it's a one year term interest only 2nd mortgage to keep your monthly payments low.
For more second mortgage info and articles, follow links at the bottom of this page.
Marie Copeland, FSU, Mortgage Broker
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The bank turned me down for a mortgage -- sound familiar ?
Many of our clients were turned down by their bank before they came to us and got a mortgage. I love helping good people get a fresh start.
Call 905.308.8063, orBack to Bad Credit Score Mortgage › from Low Credit Score Mortgage