Everyone deserves the ability to own a home. Traditional home loans and standard home mortgages shouldn’t be only available to the wealthy or those with perfect financial histories. Just because people make poor mistakes, doesn’t mean that they can never be part of the homeownership club. Instead, all people should have access to home mortgages and house loans.
Bad credit home loans or bad debt home loans help those with poor or little credit history by providing them with a financial product that understands the difficult considerations come along with traditional bank financing. Traditional banks are required to follow strict guidelines on loaning money for mortgages. They need to make decisions based purely on credit worthiness. However, many people would be left with renting as the only option if this were the only way to get a mortgage.
What is Bad Credit?
Bad credit is based on your history of repaying different types of bills and debts. When you buy a car on credit, you have a fixed monthly bill. The same goes for mortgages and education personal loans. If you under-pay or miss a payment, that will reflect poorly on your ability to maintain scheduled and fixed payments. Credit cards, utility bills, and medical bills can come and go. They can increase or decrease based on the events of that month.
Credit develops over time. If you are young, you may not have had enough time to pay off bills. In this case you don’t have enough of a credit history to be able to prove your ability to pay anything off. Either way, bad credit happens over time, not overnight. Further, good credit happens over time, and not overnight as well. Not everyone has the luxury of time. This is where bad credit home loan financing plans pay off for those in financial distress.
Promor is so much than just a mortgage broker. We are a team of financial advisers, industry experts, problem solvers, and creative free thinkers who all work towards a shared goal of getting you the very best loans for your specific needs. We don’t shy away from a challenge but embrace your situation and are determined to get you the mortgage that fits your personal or professional needs. Our experience across New Zealand as a top mortgage broker and mortgage adviser service firm has help us carve an expert niche in the financing industry. We are here to pass on these years of sage advice to you.