Bad Credit Home Loan

Due to some unexpected reasons, you have accidentally missed the repayments and the lenders listed defaults or bad credit on your credit file. Bad credit home loan is designed to help those people that have black marks on their credit files.

What Is Considered As A Bad Credit?
  • Mortgage arrear: when you miss your home loan repayments for several times.
  • Bad credit history: when there are defaults, bankruptcy or too many credit enquiries listed on your credit file.
  • Lender credit history: the credit history with the lender that you are applying for.
  • Unpaid bills or tax are outstanding, council rates or late tax bills. These types of credit history do not normally show on your credit file.
  • Over committed: when your income is not enough to cover the debts or the amount of asset is less than the amount of liability.
Lending Solutions to People with Bad Credit
The good idea for the people with bad credit is to clear all the bad debts. We can help you to refinance to the lenders that will take the clients with bad credit. However, these lenders may offer a higher interest rate than the regular lenders. After 2 to 3 years, when your credit file is clear, we will help you to get back to the normal lenders that will offer lower interest rates.

Apply For a Home Loan with Bad Credit Rating
Although you have good reasons to back up for your bad credit but the 4 major lenders do not normally provide loans to the clients with bad credit. However, we will consider your situation and find the most suitable lender for you. Information showing on your credit file.

Credit Scoring Mortgage
The lender places your credit rating based on your credit score. Different lenders have different credit scoring system. This means that you may fail credit scoring with one lender but you may be able to pass it with another lender.

Can Bad Credit Be Removed?
Credit repair is the process of removing the disputable or unfair listings from your credit report. It is very important to fix your credit report before you apply for a home loan. The reason being is that the lenders always check your credit file and based on your credit history, the lenders will decide if they approve or decline the loan.

There are many reasons that lead the creditors to put bad marks on your credit report. However, they need to follow all the required steps before they list any defaults on your credit file. If you believe that the default was listed incorrectly on your credit file, you will need to seek for professional help to get it removed.

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