Bad Credit Mortgage Brokers
Far too many people are victims of the idea that just because they have bad credit they cannot receive a mortgage loan, thus they will forever remain in the lowly depths of debt burden and credit turmoil. Nothing can be further from the truth. In fact, there are private lenders who specialize in providing mortgage loans to people with bad credit. Bad credit mortgage brokers make it their mission to assemble creative financing programs on an individual basis for people troubled by poor credit. In many cases these brokers focus on equity and loan to values, making credit a non factor.
Bad credit mortgage brokers offer loan programs such as hard money and home equity loans which direct attention away from credit. If you are a borrower who has equity in a home but cannot receive a loan due to bad credit, you may want to consider a home equity loan where the loan is backed by the home itself. This loan can then be used to consolidate debt, make purchases, or make repairs on the existing home if you intend to fix and sell. In addition, if you are investor with sufficient capital to put a sizable down payment on a property with reasonable loan to value (max 65%) a private lender may be interested in providing a hard money loan. The terms of a hard money loan vary but generally carry interest rates between 8-14% with at least a 30% down payment. Flexible financing can be utilized as long as the borrower and the lender have a clear exit strategy, that is a way to recoup the investment if you run into trouble paying off the loan.
Contact the specialists at HML Investments today for more information about bad credit mortgage brokers.