The majority of people believe that if they have bad credit, it's all over for them. Their hopes for home ownership and financial security are over - or so they think. As a bad credit mortgage expert, you can take my word for it: bad credit and even bankruptcy doesn't spell the financial end for you! That may sound like a pretty bold claim for me to make, however now I'll show you how it's possible!
Understanding the Concept of Credit
Do you really understand the concept of credit? If you think credit is all about plastic cards that afford people luxuries beyond their means, you're wrong. Credit is so much more than a credit or store card. Credit refers to your ability to repay loans and your financial debts. Your Credit Record provides prospective lenders with the information they need to determine whether you are a credit risk or not. Good credit makes you a suitable candidate in the eyes of lenders, and it allows you to obtain finance easily.
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On the other hand, bad credit presents a greater challenge. Bad credit will be created if you skip, miss or ignore your payments. Usually it will result if you have borrowed too much money and find you cannot afford the repayments. All too often though, bad credit happens to good people. People do fall on hard times and make mistakes. The good news now is that some lenders realise this and they are happy to consider you even if you have a less-than-perfect Credit File.
The Bad Credit, Bankruptcy and Mortgage Reality
There is definitely hope for people living with bad credit and bankruptcy if they are seeking to own their own home. Here is a summary of the changes the mortgage industry has experienced recently, compliments of non-conforming lenders and brokers:
o Lenders look beyond credit scores: Some lenders will use a scoring system to assess your suitability for a loan. In other words, they will refer to your Credit File and application to determine if you are a credit risk or not. If you have bad credit or bankruptcy, your score will be much lower, however, today some lenders (not the banks though) will look beyond the score and assess your individual situation on its own merits. As long as you are taking active steps to demonstrate good money management, there is hope you will obtain a home loan.
o Self-Employed people have helped the situation: Non-conforming home loans have become popular over recent years due to the fact that more and more people are becoming self-employed. Self-employed people often have no financial data to support their application, so they apply for what are commonly referred to as "Low Doc" loans, offered by non-conforming lenders. These loans are similar to those granted to people with bad credit or bankruptcy issues. Lenders are more lenient with these loans, provided you are demonstrating good money management practices.
o Non-conforming loans are competitive: Forget the talk about home loans for bankrupts and people with bad credit only being possible with a high interest rate. It's not the case. Due to the fact that the non-conforming market is becoming more competitive, so too are the loans. They now come with a full range of features comparable with standard loans. Redraw facilities and offset accounts are just a few of the inclusions. The interest rates aren't much higher than standard loans either now, which really makes it so much easier.
Is a Non-Conforming Loan Right for Me?
To find out, simply talk to your specialist broker today. If you have a bad credit situation, talk to a bad credit mortgage expert. Opportunities abound!
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