Are you shopping for a mortgage with poor credit? If so, finding the right company to work with is essential for saving money and staying safe. In this post, we go over some key considerations when you are evaluating poor credit mortgage companies.
Evaluating Poor Credit
- Work with a broker, not a lender. To start with, we suggest that you choose a mortgage broker, rather than a direct lender. A broker is more likely to be able to match you with a competitive product thanks to the large network of lenders that it works with. Because interest rates for poor credit loans tend to be high, this is very important.
- Make sure the company is licensed. Work only with a company that is licensed in Washington State. Unlicensed companies prey on customers with low credit who do not realize that better options are out there. By contrast, a licensed mortgage broker will operate within legal bounds and treat you fairly.
- Go with a local, independent company. When your credit score is low, you are in a vulnerable financial situation compared to a customer with good credit. Navigating that situation successfully can help you to improve your financial circumstances (including your credit score itself, in the long run). But to do so, you need a company that is going to take time to really understand the specifics of your scenario and what steps to take to help you.
- Choose a company that offers a range of solutions. Depending on your specific situation and goals, there are a number of different mortgage products that can be appropriate when you have low credit. You will be most likely to find the right one if you are working with a broker that can connect you with many different types of loans.
- Blue Square Mortgage can offer solid credit advice to help improve your score. Finally, there might be ways that you can increase your credit score before you apply for a mortgage. Even if you still end up needing a poor credit mortgage, you might qualify for more competitive rates. A helpful broker can give you suggestions that are customized to your situation and that can raise your score fast. Even a small improvement can be worth it, saving you a significant amount of money over the lifetime of your loan.
Get the Competitive Mortgage You Need Now
Blue Square Mortgage is a Seattle-based, independent company that offers a wide variety of loan options for customers with poor credit. Whether you want to invest in real estate or buy a home, we can help you find a competitive mortgage throughout Washington and Colorado that fits your needs. To get started, please give us a call today at (206) 352-6453.