Getting a Second Mortgage with Bad Credit
Even people whom you might think are financially savvy can run into issues that result in more expenses than income. If you find yourself in such a position, it does not take long before you damage your credit rating, making borrowing money seemingly impossible, especially if you require a second mortgage. The good news is, there is help to obtain bad credit mortgages in Edmonton.
Before Applying for Bad Credit Mortgages
To improve your chances of qualifying for a bad credit second mortgage, you should improve your credit rating as much as possible. One of the fastest ways to do this is to obtain a copy of your credit report, (which you can do at no charge once per year) and review it carefully for any mistakes. If there are entries that harm your credit and you do not believe they apply, contact the appropriate lenders to have them remove the items from the credit bureau.
Credit card debt is another major deterrent to obtaining a second mortgage in Edmonton. When money gets tight, the natural instinct is to use credit cards to get through the lean times and debt can accumulate quickly. If you have substantial credit card debt, paying off within 30 percent of your total debt limit on each card will make a big difference in your credit rating.
Seek Alternative Sources
Since a second mortgage carries higher risk than a primary mortgage, the interest rate is almost always higher. In many cases, financial institutions will turn down applications with even a hint of bad credit, making the second mortgage impossible. To get a second mortgage with bad credit, private lender mortgages may be a great option.
BMC Mortgage & Investments believes in helping the people of Edmonton qualify for bad credit mortgages. We understand that bad things happen to good people and provided you have the means to cover the debt, we do our best to get you the money you need, when you need it. Bad credit mortgages in Edmonton have helped many people with situations such as:
- Stopping foreclosures
- Large repairs or renovations
- Vehicle replacement
- Debt consolidation
Contact us today to learn how bad credit mortgages in Edmonton can help you through a difficult time whether you need a second mortgage or even help you realize dreams that otherwise would be impossible.