Bad Credit? Credit Repair in Oakville
If you've been turned down by the banks for a mortgage because of bad credit, You may still be able to secure a mortgage through Patrick Romann
You Can Still Get a Mortgage
Just because the banks or other lenders have turned you down due to bad credit doesn't mean you can't get a mortgage - Even if you've declared bankruptcy. Getting a mortgage is more about your ability to pay on time consistently. Let's chat about your situation.
Quick Approval For All Kinds of Mortgages
I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage lending and financing they need.
Regardless of your mortgage needs, I can help you find the best rates and get approval fast.
The Cost of Bad Credit on a Mortgage
Mainstream mortgage institutions require a minimum credit score of 600 in order to get a mortgage. However, it's still possible to get a mortgage, but due to your low credit score, you're now considered 'high risk'. the level of risk is based on your individual circumstances.
The impact of having a low credit score when looking for a mortgage is a higher interest rate. Again, the interest rate will depend on a variety of factors but could be as high as 10+ percent.
Get Help to Repair Your Credit in Oakville
Patrick Romann is an independent Mortgage Specialist in Oakville who can help you get a mortgage, even if have bad credit or a low credit score.
Before dismissing the option of owning your own home, it's best to speak to an Independent Mortgage Broker like Patrick to find out what your options are, and what your mortgage rates might be. He'll walk you through the entire process, and give you objective advice and show you how you can repair your credit in order to lower your mortgage rates.
Use Your Home Equity to Repair Your Credit
Home Equity Line of Credit (HELOC) works like a credit card, where you can start your line of credit with the lender. This line of credit comes out of your home equity. It is one of the safest methods to consume your home equity because you only have to pay interest on what you use. It means you get to use a line of credit, just like your credit card, but with a pre-approved credit limit out of the home equity. You repay a HELOC in monthly payments based on how much you withdrew and the current interest rate.
Even if you only possess 20% home equity, you can take get the HELOC. There is simply no age requirement to acquire your own Home Equity Line of Credit where you can spend on whatever you want. Being an experienced broker, I can assure you that you can have the best deal on HELOC with me.
Frequently Asked Questions
Usually, you need to have a credit score between 500 and 600 to qualify for almost any mortgage at a lower down payment and interest rate.
If at the time of mortgage application, you have a very low credit score, you may have to settle with the relatively higher interest rate on the mortgage. But Patrick Romann may help you reduce the interest rate.
You can use home equity loan for your credit repair purposes as well.
You just need to head straight to Patrick Romann. From there onwards, you will get access to all the very best private mortgage lenders with many facilities and options.
Why Work with Patrick Romann
Get in Touch
As an independent mortgage agent, I'll help you get on the right track to repair your credit in Oavkville and get the mortgage you've been wanting. Contact me to discover how I can help you with all your mortgage needs in Oakville.