Getting a home loan with poor credit.

If you have poor credit and there isn’t much that you can do about it.  Things happen, a divorce or medical issues can cause us to fall into debt or in bad times.  However, a Mortgage Broker In Mississauga can help you with that.  They will know other avenues and who takes risks on these sorts of applications.  Explain the situation and what happened as honestly as you can with your Mortgage Broker In Mississauga and see what they have to say.  You should do this before they also run your credit.  Bring in a print-off from the free internet search you did, so they can see what you are talking about.  Honesty here is really the best policy. 

If you have any outstanding old debt that you know that you paid off, you can challenge the lender.  Most of the time, they will take it off of your credit report for you.  However, this all takes a bit of time which is why you should start with this a few months before looking for a home loan.  This will give you the time you need to clean it up.

Do your online research about home loans.

Before you go looking for a home loan you can do some online research as well.  There are countless online mortgage calculators that can assist you in understanding what the loan costs will be.  This is also a great way to really understand how an interest rate will affect your payments and pay off.  You should take some time and get familiar with these things.  Also, you can play with the numbers and decide what number you are comfortable with for your mortgage cost.  This will help you work with a broker to get you approved for the amount that you feel you can afford comfortably.

Some lenders will try to slide things into your contract that are not desired by most buyers.  However, with the help of a Mortgage Broker In Mississauga you can ensure that doesn’t happen with you.  Your Mortgage Broker In Mississauga is working for you and knows which lenders tend to do this and avoids them.  

Mississauga Mortgage Broker

There are also different types of loans such as FSH mortgage loans, conventional loans and governmental programs for veterans, and even some VA loans.  Your Mortgage Broker In Mississauga will understand the difference in these loans and which would be best for you and your circumstances.  Another great advantage to working with a Mortgage Broker In Mississauga, however, there are other advantages such as:

• You can shop multiple banks and lenders at one time.
• Typically, a Mortgage Broker in Mississauga can save you on closing costs
• Improve the chances of lower interest rates
• Knowledgeable on the various options to get a loan
• Personalized service and supporting a local business
• Expert mortgage advice that is on your side and not the banks.

Some mortgage companies only work with mortgage brokers.  Meaning, you will only get access to those lenders if you are working with a broker.  This is because a Mortgage Broker In Mississauga helps the lenders weed out the qualified applicants, making the lenders’ lives much easier.  The brokers are not paid by the lending institutions but are paid by you the people looking for the loan.   This saves lenders a lot of money, which is why some only work with brokers.