Poor Credit Mortgages in Mississauga
Getting a bad credit mortgage Mississauga from a traditional lender is almost impossible in today's credit climate, but private lenders offer a fantastic alternative to help you get the funds you need. Whether you need a first or second mortgage Mississauga or you want to avoid foreclosure, your credit is not the only defining factor.
How Are Private Lenders Different?
When people apply for bad credit mortgages Mississauga through traditional lenders, the most important qualifier is always their credit score. If the average bank or lender sees a low credit score, they will turn borrowers down without even reviewing the rest of their credentials. Private lenders are different because they consider other important factors. Things like your job stability, your income, and even the down payment amount you save all play a very important role in determining whether you qualify. It is free to fill out the application, and you can receive preapproval in as little as four to 12 hours.
Obtaining Second Mortgages
Second mortgages Mississauga are often difficult for anyone to obtain - even if they have an average credit score. This is because the risk is significantly higher with a second mortgage unless you have a lot of equity in your home. As long as you have some equity, a private lender can work with you to discover the best options for providing that second mortgage, whether you need to pay down debt or take care of an emergency situation. In fact, the equity in your home serves as your collateral and helps lenders offset some of the associated risk.
If you have been turned down for a bad credit mortgage or second mortgage Mississauga, you still have options available to you. Private lenders specialize in providing loans when other lenders say no, and it is simple to get started and find out whether you qualify.