Mortgage Man Mark Blog

Securing a mortgage with bad credit may seem daunting, but it is possible. Even individuals with excellent credit can encounter hurdles in the approval process. In this blog, we dive into expert advice on navigating the mortgage process with bad credit.

If your credit isn't great, you might find that regular banks won't say yes to your mortgage application. But don't worry, there are other lenders out there who help people with bad credit get a mortgage.

You can look into private lenders, B lenders, and credit unions as some of the choices available to you. With these alternative options, the rules for qualifying might be different and they could offer various interest rates and terms for the mortgage compared to what traditional banks do.

Mortgage Man Mark can boost your chances for getting approved despite having bad credit. Our mortgage brokerage has the expertise needed to carry out the loan process and has connections that can help find the right lender to match your individual needs. With our guidance, borrowers can get through filling out forms and getting all their documents in order without any stress. Since we know many lenders (especially those that approve with bad credit situations) it's easier to find a suitable fit.

Improve your credit score before applying for a loan

Before you think about getting a mortgage, it's really important to work on your credit score. By always making payments on time, keeping the amount of money you owe under control, and being careful with how you use your current credit can all help make your score better. On top of that, it is advisable to refrain from making substantial purchases such as a car, boat, or ATV. Doing these things can make lenders see you in a better light and possibly give you a mortgage deal with good terms and lower interest rates.

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Put down a larger down payment

Putting away more money for a bigger down payment can really help if you're dealing with bad credit. With a larger down payment, the value of your home compared to what you owe goes up, making lenders see you in a better light. This could also lead to getting lower interest rates which means your mortgage payments each month would be less too. By saving up more at the start, it shows that you're serious about owning a home and stable financially, boosting your odds of getting approved for that mortgage.

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Get a Co-signer

If you're trying to get a mortgage but your credit isn't great, having someone co-sign or act as a guarantor can really help. A co-signer is basically agreeing they'll pay the mortgage if for some reason you can't. This makes lenders more comfortable because it means someone will cover the payments. A guarantor handles the mortgage payments if you default, but they don’t actually get any rights over the property itself. They’re just there as financial support. It is key that this person has solid credit and reliable income; this strengthens your application and lowers risk for those lending money.

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By having Mortgage Man Mark on your side, you benefit from our market knowledge, negotiation skills with lenders, and insight into how best to approach an application if your credit isn't great. We are here to offer tailored advice and support every step of the way during the mortgage application process.

Contact us to discuss your situation.