Anybody who is applying for a mortgage will certainly have heard time and again how having a good credit score is incredibly important to get accepted. Lenders will want to ensure that you can be relied upon to make your monthly payments and they want to lower any potential risk with lending you a home loan. So, what can you do if you are someone who has got a bad credit score?
The good news is that there are options, and having a bad credit score should by no means deter you completely from applying for a mortgage. if you have adverse credit, a poor credit score, or a low credit rating, it is possible to find lenders who are willing to help you out. These deals are typically arranged through specialist lenders who have experience and are equipped to the needs of borrowers who fall into this category.
If you go have bad credit, then the lender will want to know the specificities of why. They will want to know about the type and severity of the issue. For example, missing payments on bills or loans will be given more leniency than larger, more serious issues such as recent bankruptcy. In addition, other factors that will play a role are the date that the bad credit history was registered, as well as the reason for your bad credit.
There are certain banks and home loan lenders who will still offer you a mortgage, in spite of bad credit. Many will look at the situation case by case, so get in touch with us at Eminence Mortgages to find out what we can do to help.
