Bad Credit Mortgage Refinance

If you are looking to refinance your mortgage but believe you will be unable to because your credit may be challenged by late payments, bankruptcy, charge off’s, or unpaid medical bills to name a few, don’t worry, there is hope.

 

There are literally hundreds of lenders across the Canada that specialize in all different types of mortgage programs for people who have challenged credit.

 

They are not the typical banks you find down the street from your house that deal with perfect credit only. Nor are they hard money lenders that charge outrageous mortgage rates. They are known as wholesale lenders.

 

Wholesale lenders work closely with mortgage brokers. Mortgage brokers are the people who work with people looking for mortgages in the way of counseling, educating, and locating a loan for people who find themselves in a unique situation and have trouble finding a loan on their own because their needs may be special.

 

Keep in mind, wholesale lenders are out there by the thousands, and they are very competitive. So be sure to shop around. Just because you have bad credit, it does not mean that you should be at the mercy of mortgage companies. There are plenty of lenders out there who have programs to lend money to people with bad credit.

 

The best place to begin your search for a bad credit mortgage refinance would be the internet. Make an attempt to contact no more than four lenders, allow for them to assess your situation, than base your decision on the one that offers you the best deal that meets your needs and budget.

 

By: Jennifer Hershey

Get the latest stories delivered to your inbox.

blog-image

Understanding Mortgage Rates

What is a prime rate? The prime rate, also known as the ...

Read more
blog-image

Factors to consider when refinancing your home

Lots of people see their mortgage as a life long liability. You ...

Read more
blog-image

5 tips for first-time homebuyers

Do you even realize that most of the first time home buyers ...

Read more
blog-image

Why the wealthy people never choose fixed-rate mortgages?

Rushing to fix their mortgage rates in packs, homeowners are definitely trying ...

Read more