The goal of owning a home is one that you share with quite a few people. Unlike many of those other hopefuls, you fear that it will be some time before you can be approved for a mortgage. It all tracks back to the state of your credit. What you may not realize is there are lenders who will work with you right this minute. Here are three reasons why you should approach those lenders and see what sort of loan you can secure.
You’ve Found the Perfect Residential Property
For a long time, you’ve had a vision of the type of home you wanted. Imagine your surprise when a home that is almost exactly like your dream appeared on the market. The first reaction is that you had to become the owner. Your second reaction was feeling crestfallen because you think financing is out of the question.
The reality is that this opportunity may never come again. Instead of allowing a lower credit rating stop you from trying, talk with lenders who offer Oshawa bad credit mortgages and see what happens. Lenders of this type tend to focus more on your present circumstances and not what happened five years ago. In the best-case scenario, you will find a lender who approves your application, offers terms you can manage, and has the financing ready in less time than you thought possible.
You are On Sound Financial Footing Again
It takes years to recover from financial difficulties. Even after you have paid off those old debts, the effects on your credit rating will linger. That can make it harder to obtain financing when it’s needed.
The great thing about lenders who offer financing to those with less than ideal credit is they are more concerned with where you are right now. The fact you have a steady income, relatively little debt, and some money in a savings account matters more than the damage to your credit that was done several years back when you were out of a job for several months. By placing more emphasis on the way things are today and less on the past, those lenders could end up providing the financing needed to buy your dream home.
You’re Tired of Paying Rent
As much as you’ve enjoyed living in an apartment, it’s time to think about something more permanent. Owning a home is one more way of securing an asset that provides more financial security. Instead of paying rent to someone else, every monthly payment that you make on that Newmarket bad credit mortgage brings you closer to owning that asset outright. Best of all, the lender is likely to report to at least two of the three major credit bureaus. Those timely payments will aid you in the quest of rebuilding your damaged credit rating.
It’s up to you. Are you willing to let this opportunity go by or will you work with a lender who is likely to provide the financing you need? Contact a local lender who offers bad credit mortgages and see what can be worked out. You could be a homeowner a lot sooner than you hoped.