Bad Credit Mortgages & Second Mortgages in Barrie
Although there are many lenders in Barrie advertising fantastic mortgage rates on first and second home loans, many of these lenders only cater to individuals who have outstanding credit. Fortunately, if you are in need of a bad credit mortgage in Barrie, you have come to the right place. Private lenders can often provide funds when traditional lenders turn you down.
The Private Lender Difference
Whereas a bank relies almost solely on your credit score to determine its risk in lending to you, this is not the case when you apply for private home loans in Barrie. Private lenders look at other qualifications, which might include things such as your employment history, your overall income, the amount of disposable income, the size of your down payment, any collateral you might have, the equity in your home, and even the amount that you currently pay in rent each month. Your credit score does not define your character when you apply for poor credit mortgages in Barrie.
The Difficulty of a Second Mortgage
Many people find it difficult to obtain second mortgages in Barrie due to credit limitations. However, these same individuals need the second mortgage in Barrie in order to consolidate and reduce their debts. Private lenders consider things other than your credit history, making it easier for you to obtain the funds you need to pay down debt. Whether you have poor credit or limited equity, there are ways for you to qualify. As long as you have equity in your home, you have options available to you.
When your credit is less than perfect, finding a loan is difficult - especially a first or second mortgage. Private home loans in Barrie are available to you despite your current credit situation. As long as you have stable income and you can make timely payments, you can get the money you need for the house you and your family want.