Is It Possible To Get A Mortgage With A Poor Credit Rating?

If you have decided to take the plunge and join the millions of other Australians as property owners, obtaining a mortgage is obviously a necessity and if you happen to have a poor credit rating, is this likely to jeopardize the application? You will be glad to learn that there are online finance brokers who can source you the perfect mortgage, even with a not so impressive financial history. Perhaps traditional lending institutions still have a requirement for a perfect credit score in order to borrow for land purchase, yet the online mortgage broker can get you pre-approval in a matter of hours, and once you have that, the search for that perfect property can begin. 

Good Working Relationship 

When a person with a poor credit rating approaches an online mortgage broker looking for a home loan, the broker has a network of lenders, many of which are prepared to accept a poor credit score. The finance industry has undergone many changes in the past few decades and the traditional lending institutions are not your only options. The mortgage is tailored to suit you and with super-fast approval, house hunting can begin. There’s a free online credit check you can use which will tell you exactly where you stand. 

Time Is Of The Essence 

The property market is dynamic and bargains are snapped up as soon as they come onto the market and without mortgage approval, no buyer will take you seriously. Online finance companies boast very fast results, with pre-approval in a matter of minutes. The online approval form is easy to complete and once submitted, you are minutes away from pre-approval and your poor credit rating is not an obstacle. 

Central Coast 

This is a prime real estate region and finding a mortgage broker on the Central Coast is easy using an online search. An established broker would understand the need for speedy results and they have helped thousands of Australians to buy their dream home, many of which had a less than perfect credit history. Properties that are of good value are snapped up quickly, with sharp eyed real estate brokers scanning the many websites, looking for under-priced property and if you would like to start your search for a dream home, it is comforting to know you already have mortgage approval. 

Source The Right Broker 

As with any industry, there are many online property brokers who will claim to be able to source a mortgage, but if you have a less than ideal credit score, it is best to go to the specialist broker, as this all but guarantees success. These people are well-connected with all the major lenders, especially those who are prepared to loan to people with a poor credit rating. 

Credit Conclusion

Having a blotch on your credit history does not mean you are a bad person, all it takes is a couple of late payments on the car, or a product dispute with a retailer to have a negative impact on your credit score. It is advisable to check your credit score before applying for a mortgage, and should there be any black mark, this can and should be rectified prior to making the mortgage application.

I hope you enjoyed this article about whether it's possible to get a mortgage with a bad credit rating.

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