Is a Bad Credit Rating Holding You From Your Dream Home?

Any short delay in payment may mark a prominent bruise on your credit rating. At The Home Mortgage, our teams expertized at bad credit mortgages where we help our clients recover their credit rating. We also have a wide range of network where we work with industrial financial institutions as well as non-corporate lenders. Non-Corporate lenders are known for providing finance for a bad credit mortgage as they understand that a few particular default in payments are not intentionally and are less likely to reoccur.

Here are a few ways through which we can help you with a bad credit mortgage:

Altering Your Amortization Period

Amortization period refers to the tenure of your loan within which your loan is scheduled to be repaid fully. In most situations the shorter your amortization period is the lower will be your rate and also more will be the number of willing non-corporate lenders. Thus in case of bad credit mortgage seekers, we strategize shorter amortization periods than normal to gain confidence among the lenders.

Consolidating Your Debt

One of the most common ways to improve one’s bad credit mortgage application is by consolidating their debt. In simple words consolidating one’s debt refers to combining all their debt payments within a single weighted average weight to organize and reduce their cumulative monthly payments. This will not just help you reduce stress and confusion but will also help you meet all payments and eventually improve your credit rating.

Exploring All Your Assets

There are many variations you can apply while calculation one’s net worth. In some cases, a low net worth can reduce your liability and in other cases, a high net worth can reduce lending interest rates. Thus in case of bad credit mortgage applications, it is better to explore all potential assets of the borrower to either display as a collateral or just a show of worth. In both cases, there can be a drastic fall in interest rates and can help you obtain a reasonable mortgage.

Estimating Future Market Fluctuations

This tool has also proved handy for many bad credit mortgage approvals. Here, we estimate the future market price of your home on the basis of market demand, nearby commercial projects, and other indications. Projecting such data on a bad credit mortgage application, informs the lender of the potential future market worth of your home and thus ensuring a rise in equity value. This will eventually project reduced default in payments and thus a reliable bad credit mortgage application.

We have had a range of consistent success stories for many bad credit mortgage applications and would be honored to have a chance to review and help improve your mortgage policy. Contact us for any queries and allow us to build a path towards your dream home.