Posted: 14 Mar '18

Five Poor Credit Mortgage Solutions

There are many reasons that a homeowner may need to access the equity in their home, but the most common one is to improve their financial situation -- whether by consolidating debt, getting a second mortgage, or obtaining interim (bridge) financing. The conundrum is that by the time many homeowners find themselves in a financial bind, their credit score has already been damaged. If you're in need of financing but keep getting turned down by traditional lending institutions, it may be time to consider one of the following five poor credit score mortgage solutions.

Bad Credit Home Equity Loans

Need to access some of the equity in your home for renovations or repairs but have less-than-stellar credit? Poor credit score mortgage solutions allow homeowners who are unable to get approved for a loan through prime lenders to obtain the financing they need.

Bad Credit Debt Consolidation Loans

Debt consolidation loans allow borrowers to combine all of their debts into one monthly payment - and usually at much lower interest rates than they were paying on the original debts. If your credit rating has suffered because of your debts, however, obtaining a debt consolidation loan can be difficult. This is where poor credit score mortgage solutions can be used to bridge the gap between the money you need and the money you owe.

Bad Credit Second Mortgages

Having poor credit can make securing a second mortgage challenging, as lenders consider these types of loans riskier than first mortgages. Poor credit score mortgage solutions are typically easier to get approved for than loans provided by banks, credit unions, and other prime lending institutions. Other benefits of using poor credit score mortgage solutions are lower borrowing fees, shorter terms (if desired), and less stringent borrowing rules.

Bad Credit Mortgage Refinancing

Poor credit score mortgage solutions help homeowners qualify for refinancing despite bad credit. You'll obtain the best possible interest rates for your situation, and may even be able to access extra cash from the equity in your home to complete renovations or repairs.

Bad Credit Bridge Financing

Poor credit score mortgage solutions are a great option for homeowners who need interim or bridge financing between the sale of their current home and the closing of the new home. If you're short on the cash you need to complete the purchase of your new home, poor credit score mortgage solutions can help.

You don't have to let a less-than-perfect credit score stop you from obtaining the financing you need. Poor credit score mortgage solutions can help. Contact us at our Edmonton office for a free, no-obligation consultation.