Taking a mortgage is never easy, especially when you are approaching a traditional lender like the bank. If you are someone who has a bad credit score or has an untraditional income, then there are high chances of you not being approved for the mortgage. If you are looking for a quick financing option, then you know you need to look at other avenues. B lenders are one of the best ways to get a quick mortgage. However, the awareness regarding this type of mortgage is lesser. Each lender has a different offer. It is best to reach out to a Certified Mortgage Broker who will help you to get the best deal possible. Here are some of the instances when you should consider approaching a B lender for your mortgage
Poor Credit Score
When you are planning to take a mortgage, your credit score has a crucial role to play. The credit score is reflective of your ability to handle your credit. Various factors impact your credit score like the duration of the credit, the ability to keep up with the payment, payments you’ve missed, any debts to a collection agency, defaulted loans and existing balance. Private and traditional lenders both look into your credit score before they make a decision about giving you a mortgage or not. When you have a low credit score, it can prevent you from getting a loan from A lenders. However, you don’t face this problem with a B lender. The mortgage that you would be taking would have a higher interest rate. The B lenders consider the value of the collateral before they give you a mortgage.
Source of Income
With traditional loans, there are extremely strict rules in place about the kind of employment the individual should have. They go through the tax returns of the last two years and see your financial statements so that you can prove that you are earning as much as you are stating. With B lenders, no such problems arise. Even if you have been employed for less than two years or have alternative sources of income that would help you to repay your mortgage, they would still provide you with the mortgage. The borrowers who rely on commission-based salaries can also easily get a mortgage from a B lender.
Reach out to Certified Brokers
Taking financial decisions can be very daunting. Especially when you are planning to take a mortgage. There are several calculations that you need to do. As all Lenders have different rules, you need to get a possible deal. It is always best to reach out to a Certified Mortgage Broker. They have all the necessary contacts and they will help you to get the best possible deal. When you have a trusted broker, you know they will help you to make the right decisions. They will answer all the questions that you might have. The broker should work with you to make the process easier and less overwhelming.