Bad Credit Mortgage in Orleans

Borrowing Made Simple is Orleans’s leading mortgage broker for people with bad credit. We help our clients shop the most competitive mortgages deals on the market, ensuring they get a low rate and favourable terms and conditions. With us at your side, your dream of homeownership just got a whole lot easier.

To schedule a consultation with one of our bad credit mortgage brokers, call us at (343) 763-2019 today.

Can I Get a Mortgage with Bad Credit?

Having bad credit does not mean you can’t get a mortgage. So long as you have a stable source of income, there’s no reason you shouldn’t be able to obtain a mortgage for a piece of property.

Bad credit won’t stop you from getting a mortgage, but it may limit your options. Prime lenders (i.e., national banks) tend to have stricter lending requirements and are therefore less inclined to offer a mortgage to someone with poor credit. In such circumstances, you may need to seek a mortgage from a secondary institution. Many specialize as poor credit mortgage lenders, so you should be able to find something that suits your needs.

How Do I Buy a House with Bad Credit?

If you need to take out a mortgage to buy a house, you’ll be following the same basic steps regardless of whether you have bad credit. You’ll first need to find a lender who will agree to the loan.

If you can’t secure one with a major bank, you can look at either a secondary lender or a private lender. A broker from Borrowing Made Simple can help you find options for each, compare their rates, and make sure you don’t end up overpaying.

To obtain approval, you will need:

  • Proof of income
  • Proof of down payment
  • Appraisal of property to be purchase

Generally, bad credit mortgage lenders will want some kind of assurance that the property in question is in good condition so that the loan poses minimal risk. For that reason, they’ll likely request a comprehensive appraisal of the property’s value and structural integrity.

Will Bad Credit Affect My Mortgage?

Several factors go into determining your prospects for mortgages, your credit score being one of them. Poor credit can affect your mortgage in a variety of ways, you may need to do one or more of the following:

  • Provide a larger down payment
  • Pay application fees
  • Pay a higher interest rate
  • Require a co-signer
  • Acquire it through secondary lenders

Book a consultation with us, and we’ll be happy to discuss your options so that you can get the most out of your mortgage.

Borrowing Made Simple: Finding the Best Mortgages for People with Bad Credit

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We find competitive mortgage rates for people in any financial situation, regardless of their credit score. If you have bad credit, you can count on us to find you a mortgage from a fair and reputable lender.

Contact us today to get started.

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