How To Qualify For a Mortgage With Bad Credit
Why postpone your future home purchase? You’ve wanted this so bad for so long. Just like our best efforts towards finding a great job, qualifying for a mortgage means getting over potential rejection. Here are the steps to do it well.
What is Stopping Your Mortgage?
There are actually more reasons why a mortgage will fail to come together than you could imagine. The qualification process is a complex mix of rules and restrictions that can make your head spin. If you have bruised credit, or a lack of credit, the process just became harder.
Many of my clients can relate this process to their last job search. You build up your resume with all the best aspects of your work history and then hope that there is something contained within that makes your resume stand out from the rest. Now it’s time to hit the pavement and find an employer that values your best features.
Here is where things get tough for a surprising amount of us. We get a couple of rejections from employers that we really had our hearts set on working at and we get deflated. Sound familiar? The same thing often happens on the way to your best mortgage.
Overcoming Bad Credit For Your Best Mortgage Made Easy
There are ways to overcome the fact that you have bruised credit and qualify for your mortgage today. Some of the more common ones are:
- Improving Credit – Ordering a copy of your full credit bureau and going over it with me may provide ways to immediately improve your credit score.
- Adding a Co-signor – If you have any areas that are causing you to not qualify for your mortgage on your own, you can add a family member or a good friend to the mortgage to help.
- Joint Mortgage – I have helped roommates and best friends stop renting and start owning real estate together. If one party has bruised credit but good income there could be an opportunity to still purchase a home together.
- Increasing Downpayment – Another area where my clients have overcome bruised credit is by adding more to their down payment. Either by increased savings, a gift from family, or even borrowed funds there are ways to get the mortgage approved by adding to the downpayment and therefore lowering the lender’s risk.
Qualified But Not Mortgage Approved?
There is struggle within all of us with the feeling that rejection from a mortgage lender brings.
There is a handy tool that reverses the feeling of rejection into a series of steps towards your mortgage approval. I call it, ‘Reverse Engineering Your Best Mortgage’, and you can use it towards getting your approval too. Basically, there is an understanding in my industry (and the best employment headhunters know this as well) that there are a number of rejections you must go through to find the best match.
As your Mortgage Broker, I complete this process for you and take every potential rejection in stride knowing that in time we will find the best mortgage for your situation. Work with a company that has a systematic approach towards ensuring they have tried every lender possible so that you won’t have to settle or be rejected after a few attempts.
Find out more about all the things you need to know about Bad Credit Mortgages
Great A Great Mortgage Even With Bad Credit
One of the greatest feelings in life is achieving something…after you have been rejected.
Let’s not do the happy dance just yet. There is work to be done.
I believe you are going to take action today. I’m here to help remove the sting of any potential rejection and get you in front of the best possible lenders. Then, through persistence and knowing that it is just a process to go through, you will find your best mortgage. Contact me today and let’s get you doing your happy dance!