Bad credit mortgage | Mortgage With Bad Credit

How to get a mortgage with a bad credit rating

If you have a poor credit score and you want a home loan or mortgage refinance then you will more than likely require a bad credit mortgage. Bad credit mortgages are available for buying new homes, established homes but mostly used to refinance a home loan.

Bad Credit Mortgage sector grows rapidly

Bad credit mortgage loans are possible both for new home loans and mortgage refinancing with poor credit history.

Up until a few years ago it was virtually impossible to get a mortgage with bad credit, but then the industry grow into what is a major force in the mortgage industry with bad credit finance growing to a six billion dollar category of the mortgage finance business in Australia.

bad credit car loans

Another bad credit finance sector that has blossomed in recent years is the bad credit car loan industry, where applicants can expect to pay bad credit rates substantially higher than the interest rates offered applicants with clear credit. These loans can be secured and unsecured.

When you have a bad credit rating, getting a mortgage can be a hassle. The system is set up to protect the lender and the borrower from further risk. Often times though the borrower has hit a "Speed hump" in their financial circumstances that causes the credit impairment. But once passed this bad credit situation the person with bad credit is still being penalised.

The circumstances for getting a bad credit rating include:

Loss of a job

Loss of life-partner

Divorce from partner

Separation from partner

Business failure

Financial Catastrophe from a bad investment decision.

If your cause of getting a bad credit rating falls into these areas we can generally get you a bad credit mortgage as long as you over the speed hump and back on your feet, and you have the equity, and/ or income to take care of the higher interest rates that you can expect whilst regaining your good credit rating.

Why do people choose to apply through Mr Mortgage?
1. Mr mortgage is free to you. We get paid by the lender to introduce and process the loan for them.
2. Mr Mortgage is accredited either directly, through aggregators or through associations with many lenders and types, from major banks, regional banks, mortgage managers and non-conforming lenders, so we can offer you the best loan type to suit you situation.
3. Mr Mortgage works through different channels than you would going direct to the lender, and we can use our knowledge of their systems and personal relationships within the banks and mortgage bankers to advance your application. [Some of our lenders only lend through groups like Mr Mortgage.]
4. Mr Mortgage will present your application to win approval, because we only get paid if you get your loan. So its in our mutual interest for your loan application to succeed.
5. Some people don't like the prospect of being declined by a lender and Mr mortgage can reduce this likelihood by presenting to the lender most likely to approve your application, and, in a way that will get what you want.