Need to know how to find mortgage brokers for bad credit? Finding a mortgage broker for bad credit mortgage loans is not as easy as it used to be due to updated industry guidelines; however, it is not impossible. Doing your due diligence and becoming knowledgeable about what lenders are looking for in applicants with bad credit will go a long way towards helping you find a broker.
To find a mortgage broker if you have bad credit, you will need:
- Your credit scores and credit reports
- Three to six months of bank statements
- Pay stubs
- Discharged bankruptcy (if applicable)
- Names of banks and brokers who work with people with bad credit
- Names of brokers who handle private mortgages
- Check your own credit scores and pull your triple credit reports so you know what they say. Having this information ahead of time allows you to arm yourself and have good explanations during the initial interview process.
- Check with banks and online for lenders who work with people whose credit is tarnished. Look for brokers who work with lenders who provide private mortgage loans to people with bad credit. Although these mortgages carry higher interest rates, the investors backing them are taking more risk, so it balances out in the end.
- Ask everyone you know or come into contact with who may be in the mortgage business if they can recommend brokers who work with individuals with bad credit. Because it has become more common for people with bad credit to apply for a home loan, many people have become familiar with brokers and other financial professionals working in this field.
- Be honest. Avoid trying to pull the wool over the eyes of the brokers and lenders. Deceiving them will only come back to bite you in the end. With lower risk tolerance and the ability to find out as much information about you as they need, these brokers will know you are lying and refuse to work with you.
- Be prepared with accurate paperwork before going in for the initial interview. Bring with you bank statements showing your assets and pay stubs to substantiate your employment. References from former landlords, employers and long time friends and associates attesting to your reliability go a long way toward helping you find a mortgage broker when you have bad credit.
Taking the time to find a mortgage broker if you have bad credit may offer the reward of finding a lender who will offer you a home loan. Patience and care are the secrets to finding what you are looking for.
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