Bad Credit Mortgage in Carrollton
Having bad credit shouldn’t stop you from owning a home. And it won’t—not with The Mortgage Ability at your side.
We are Carrollton’s leading team of mortgage brokers. We help people in all situations find a suitable mortgage based on their needs and priorities. Whether you have lower-than-average credit or struggle with pre-existing debt, you can take advantage of our skillful brokerage services to find a fair deal for your mortgage. Choose us, and we’ll get you one step closer to buying your home.
To schedule a consultation with one of our brokers, give us a call at (214) 293-9383 today.
Can I Get a Mortgage if I Have Bad Credit?
Yes, you can get a mortgage with bad credit. It’s not a matter of whether you can get a mortgage, but rather what types of mortgages are available to you.
Prime lenders, such as national banks, tend to be more reluctant to lend to riskier borrowers, such as those with low credit scores. That said, there are many secondary lenders as well as private lenders who specialize in bad credit mortgage products.
To avoid overpaying, it’s a good idea to do your research and find a reputable lender that will offer you a competitive rate. A broker from The Mortgage Ability can help you weigh your options, connect you with different bad credit mortgage lenders, and narrow the choices down until we find the cheapest one for you.
How Do I Buy a House with Bad Credit?
Buying a home with bad credit follows the same basic steps as any other property purchase. You’ll first need to secure a mortgage with a lender. Before approving you, the lender will typically ask for:
- Proof of down payment
- Proof of income
- An appraisal of the value of the property to be purchased
Depending on your credit score and several other factors, the lender may also ask for a co-signer to back the mortgage. Having a co-signer can also help you obtain better conditions for your mortgage.
If you have bad credit, a lender will be less likely to pre-approve your mortgage. As such, it’s best to leave the mortgage negotiations to a professional broker who can help you shop for mortgages while you look for your next home. Contact us, and a member of our team will be happy to help you move ahead with your next big purchase.
Will Bad Credit Affect My Mortgage?
Bad credit can affect your mortgage in multiple ways. Here are a few things you can expect when getting a mortgage with bad credit:
- Larger down payment
- Higher mortgage rate
- Secondary lenders
- Application fees
Ultimately, mortgages for people with bad credit are more expensive. The bottom line is simple: the worse your credit, the more you’ll have to pay. To save money, you can always work on repairing your credit score, or pay more upfront in the form of a down payment. To figure out your options, feel free to book a consultation with one of our brokers. They’ll be sure to give you the guidance you need so that you can find the best course of action for you.
Carrollton’s Top-Rated Bad Credit Mortgage Broker
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We’re happy to answer any questions you may have about our services and what we can do to save you money. We’ll give you all the information you need to feel ready to proceed with your mortgage applications.
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