Don’t Be Stopped by Bad Credit

If you are interested in buying a new home or refinancing the one you currently live in but think you are out of luck due to bad credit, think again.

The mortgage industry is larger and more diverse than you might realize. You no longer need to rely solely on your local bank, which typically caters to people with excellent credit. There are thousands of mortgage lenders across the United States, known as wholesale lenders, with programs specializing in lending money to individuals with challenged credit.

These institutions are called wholesale lenders because they work with brokers who, in turn, find customers for the wholesalers. A broker is not a lender but acts as a counsellor and educator throughout the mortgage process, from beginning to end. They are responsible for finding a lender to accommodate your specific mortgage needs.

Mortgage brokers have access to hundreds of lenders across the country. Chances are, they can find a lender with a program tailored to fit your needs, regardless of poor credit or a need for a program that offers no money down.

Remember, the mortgage industry is highly competitive, and brokers and wholesale lenders will compete for your business, so let them. Don't ever feel at the mercy of mortgage companies or brokers just because you have bad credit.

Best of luck in your home buying or refinancing journey!