If you already own a home, you may be able to refinance it for a better rate or take out some of your equity. Mortgage brokers that help people buy a home with bad credit will also look at a refinance mortgage application. An experienced mortgage broker with MortgagePRO Ltd. will work with you on different options.
Reasons to do this are many:
Your existing lender is not renewing your mortgage.
Maybe you want to do some renovations to your house.
Need to use mortgage funds to pay off other high-interest debt.
Perhaps you need extra funds for a personal or family matter.
Getting ready to sell, but need upgrades to get the best price possible.
Is Refinancing with Bad Credit Right for You?
Once banks turned you down on your request to refinance and or take out equity, perhaps time to look at the Private Lender market to find you a suitable option. It is essential to work with a professional mortgage broker with lots of experience because of all the different policies of lenders. Also, that Mortgage Professional must have experience in Private Lender, might be a Private Lender him or herself. For example, the rules on the minimum size of the property are different for other lenders. The LTV also goes higher with Private Lenders. This is one trivial detail of many that your mortgage broker must take into account when finding you a mortgage.
A good mortgage broker knows that bad credit mortgages are a short-term solution. These mortgages should be done in a shorter term, between 1 and 3 years. Your bad credit mortgage broker will help you put a plan in place to improve your situation. Also, a good Mortgage Broker will help you fix your credit and enable you to return to a bankable position. This long-term relationship will help you get back into a mainstream mortgage at very competitive interest rates.
MortgagePRO Ltd is serving Canadians since the turn of the century. When you need a Professional MortgagePRO, please look us up on our website to learn more about us and our services. We not only dealing with awesome credit requests, but helping people the banks left behind. For a FREE consultation please click here and or call us at 403-253-2022 You will be happy you did.