Not everyone who owns a home got there by having 100% perfect credit and zero financial problems along the way. Many people who apply for a mortgage have unsavory credit history behind them. Many learn the hard way through mistakes in their youth. Some have problems despite their best efforts because of job loss or illness. Whatever the case may be, you’re going to benefit by being upfront and honest as possible with your mortgage broker.
Mortgage Brokers Work Hard for You
A mortgage broker who works with you only benefits if you get a home approval. That’s how Rockingham, Kwinana, Cockburn and Baldivis mortgage brokers will get paid–by the lender instead of by you.
For that reason, he or she will work hard to help you get the approval you want. However, the mortgage broker does not make the decision about you getting approved for financing. That loan specialist has to rely on the information you provide them with in order for them to take a route to help you get approved. The more the loan specialist knows about your financial situation and any past problems, the more that specialist can do their job–the job of navigating the complexities of the home loans process to maximise your chances of getting approved.
Bad Credit or Low Doc Mortgages
There are some situations where people with blemished credit can qualify for a home loan. There are some situations that our Rockingham mortgage broker office is familiar with, such as irregular income, self-employment income, low documentation loans, and other similar situations that require an expert analysis and extra care taken to present you in a positive light to potential lenders.
When we know the full story, we can take the right approach. We can be 100% honest with you and let you know if it’s too soon for you to be applying for a home loan. We may, in some cases, recommend a larger down payment or a co-signer because we have a good understanding of what our partner lenders are looking for.
At Smartline Mortgage Brokers Rockingham (or even at our Baldivis, Cockburn and Kwinana mortgage brokers offices), we can help people look at various options available based on their situation. The more we know, the more we can put our experience and knowledge to work for you to help you qualify for a home loan that will put you on the property ladder. Talk to us today about your situation and let us help you explore your options for qualifying for a mortgage.