21 Mar 2022

How Much Can I Borrow If I Have Bad Credit?

Mortgage Borrowing Limits

When homebuyers fail to qualify for a conventional mortgage, they can take a look at variations of the home loan including bad credit loans. Bad credit loans take into account that the homebuyer has blemishes on their credit report. Blemishes include minor defaults, court writs, and bankruptcy. 

Even though homebuyers have bad credit, they can still obtain a home loan. However, the trade-off becomes higher home loan interest rates. In this situation, it helps to look at the situation through a prism. Becoming a homeowner puts the homebuyer on the path toward wealth creation. The homeowner starts investing in themselves whereas renters invest in other people’s property. Then have nothing to show for it at the end of the lease.

Mortgage House is among the lenders who fund bad credit home loans. The maximum amounts for bad credit loans range between 60% to 95% loan-to-value ratio. Bad credit doesn’t always mean that the individual has no savings or access to finances. They can improve their position in the eyes of lenders by placing a 20% deposit toward the mortgage. Homebuyers can also bring a guarantor to the table. 

After obtaining a Mortgage House bad credit loan, we offer tools that can lower the cost of the loan. Plus, it’s possible to refinance it later on down the road. 

Bad Credit and Mortgage Borrowing Limits Conclusion

To apply for a Mortgage House bad credit home loan, contact our loan specialists today. They will explore your current financial circumstances and provide potential loan terms.

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