Steve Tallo can help if you need a mortgage refinance with bad credit in Whitby. You can still leverage your home's equity for cash, even with bad credit. Usually.
Consult with Steve Tallo
Steve Tallo has decades of experience and many financial options to help you achieve your goals or solve your problems.
Call Steve Tallo today at 289-314-8786 and request your consultation.
Considerations for Borrowers with Bad Credit in Whitby
Any lender would be misleading you if they told you there is no such thing as too low of a credit score. A low credit score does not disqualify you automatically. But when you get below a credit score of, say, 580, getting a loan from any lender becomes problematic.
FHA Loans for Borrowers with Bad Credit
Borrowers with low credit scores can typically avail FHA loans. An FHA loan can be a flexible, excellent option for borrowers with low credit scores, as FHA rates might be more manageable than many think.
Bad Credit Borrowers Pay FHA Mortgage Insurance (MIP)
You might be required to pay an FHA mortgage insurance premium to borrow with bad credit. Mortgage insurance protects the lender from losses when bad credit borrowers default on their payments.
Is an FHA Loan Right for You?
The only way to find out if an FHA loan will make sense for you is to contact Steve Tallo and request a consultation. A consultation can help you decide if a refinance with an FHA loan will save you money and suit your needs.
Private Lenders for Bad Credit Borrowers in Whitby
A private lender, like Steve Tallo, can give you the most flexible lending options if you have bad credit. A private lender can look at your situation and judge multiple factors, but many institutions only read the numbers. And a low credit score automatically disqualifies applicants.
For example, the pay history on your mortgage will be considered in your loan application. Therefore, bad credit borrowers seeking an FHA loan should not have had any 30-day or 60-day late payments on their houses within the last year.
However, if there are one or two late payments, it might not be a deal breaker. It depends on other factors and considerations. Your pay history plays an integral part in loan application approvals.
Bad Credit Borrowers Use Home Equity to Get Loans
Bad credit borrowers with more home equity are more likely to get approved and receive better rates on their loans.
However, if you have equity in your home but your credit score is too low, no amount of equity would help you qualify for the loan.
Your Consultation is Waiting
Contact Steven Tallo today and schedule you a consultation. You will receive guidance and expert opinion. You may also explore new ways to get your credit up quickly.