If your credit profile contains judgements, defaults and other misdemeanours, it’s highly unlikely a bank will provide you with the funds for a new home. For this reason, you need a broker by your side who will carefully consider your credit history and create unconventional solutions.
- With the years of experience they’ve garnered, a broker can help you secure a home loan with a bad credit rating. They have established working relationships with the appropriate lenders who assess borrowers on an individual basis. They will evaluate your financial needs and contact a suitable creditor to assist.
- Their qualifications and knowledge enable them to think about various solutions that they can tailor to borrowers that don’t match the traditional lending criteria. As such, a broker helps to shape your mortgage structure so you can continuously meet your payments instead of damaging your credit history.
- Applying for credit regularly reflects negatively on your profile and if you approach a financial institution by yourself, the bank may decline your application. Instead of attempting to obtain the funds by applying to multiple banks, using a broker reduces the number of credit enquiries on your name and helps you repair your credit file to make you eligible for a mortgage from a particular lender.