Posted: 14 Sep '18

Don’t Let Bad Credit Bring You Down: What a Mortgage Broker Can Do for You

While negative information on your credit report can make getting approved for a home loan more difficult, obtaining financing isn't impossible -- even if you've declared bankruptcy in the past. If your mortgage application has been denied because of bad credit, it may be time to consider working with a mortgage broker Edmonton. Here are a few ways working with a broker can help you purchase a new home or refinance your current home loan.

Alternative Lending Solutions

A mortgage broker is an expert who specializes in helping people with bad credit obtain alternative loan product that aren't available to the average consumer. Whether you're applying for your very first home loan or looking to refinance your current mortgage, it pays to have a mortgage broker on your side -- even if you have black marks on your credit report such as defaults or judgments.

Fewer Credit Inquiries

Just as having too few credit accounts listed on your credit report can affect your ability to qualify for a loan, so can having too many credit enquiries. Each application you submit for mortgage financing results in a "hit" on your credit report, which can actually lower your credit score. Your broker will gather all of the necessary documentation and information on your credit history before approaching the lenders that are most likely to approve your application. Your credit report will only need to be accessed once -- and usually only when it comes time to close on your home loan. This will protect your credit rating and help you avoid unnecessary enquiries on your credit file.

Save Time and Stress

Working with a mortgage broker saves you the time and stress of applying for financing from multiple lending sources and negotiating with each lender. Since a mortgage broker Edmonton knows exactly which lenders are best suited to your financial situation, you won't need to spend time you don't have shopping around for rates and negotiating for the best mortgage terms.

A blemished credit history doesn't have to prevent you from getting a new home loan or refinancing a current mortgage at a more favorable rate. Contact one of our lending specialists to learn more about how working with an Edmonton mortgage broker can help you obtain the financing you need at a rate you can afford.