Unexpected or unmanageable life events such as divorce, illness or abruptly losing your job can all make monetary commitments difficult to keep up with. But not having the best financial history shouldn’t stop you from getting a home loan and owning your own abode.
Fortunately, Redrock offers flexible bad credit home loans for borrowers with unique requirements.
Here are three advantages of bad credit mortgages.
They’re easier to apply for
Have you been getting the run around from the banks? Bad credit home loans are often much easier to apply for, with less paperwork and false promises. Rather than decline your application automatically based on your credit rating, we will take a closer look at your circumstances and judge your appeal based on your merits.
You can refinance to a regular loan later
According to finder.com.au, if the property you purchase with your bad credit home loan increases in value or you manage to make enough progress on your home loan balance, you could have the opportunity to refinance to a previously unattainable loan that better suits your needs. This could result in slightly lower interest rates or improved mortgage features.
Get into your home sooner
Perhaps one of the best advantages of bad credit mortgages – you will be settled in to your new home sooner! You will be able to demonstrate to your lender that you are able to meet financial requirements and obligations, putting you in a better position for all further home loan negotiations.
Speaking with a financial expert is the best way to be sure about your mortgage standing. Get in touch with Redrock, as when it comes to bad credit home loans, we are specialists. We can take you through the whole mortgage process, right up to getting the keys to your new home.