(PRWEB) May 02, 2013
According to a post by the CTO of Syndicate Mortgages, Marcus Arkan, people with poor credit can still opt for loans through certain mortgages. Finding a bank or lender who is willing to acknowledge potential homeowners with bad credit without a down payment is hard, to say the least. However, Mr. Arkan opines that it is still possible provided that homeowners employ certain means to improve their credit score.
According to Mr. Arkan, “Lenders and banks often stigmatize people who have bad credit histories and it is easy to see why. Think about it. Even a bank is a business that needs a steady source of revenue to keep running. Bad credit only puts a wrench in the works. However all is not lost. Even lending institutions can start favoring people who turn over a new leaf and prove their trustworthiness.”
Mr. Arkan also adds that potential homeowners with bad credit can obtain loans from regular lenders if they choose to. However, this also means preparing to pay higher interest rates. The mortgage specialist quotes on a post by Bankruptcy Canada that emphasizes on how people with bad credit can opt for debt consolidation loans. According to the post, loans are possible for people who default on their payments provided that they have a stable income to facilitate new monthly payment plans.
When asked about the possibility, Mr. Arkan had this to say, “The real estate industry is not heartless. There will be loopholes that will make it possible for a family with a bad credit history to have a roof over its head. Once a person redeems himself by making payments in a timely manner, there is no reason why any bank won’t acknowledge his need for a loan especially if he is willing to pay a larger amount in down payments.”
In the end, Mr. Arkan says that opting for a loan might be difficult for a person who has a bad credit score, but it is certainly not impossible. The options that are available might not allow such people the same perks as those who have good credit but it does guarantee a home for the former at the very least. The best way for someone with a questionable score to land a loan is to consider all options available.
To read more about Canada mortgage and mortgage credit scores, visit the website http://www.syndicatemortgages.com.
About Syndicate Mortgages
Syndicate Mortgages is a real estate firm that is based in Canada. It offers customers the chance to take advantage of the best mortgage rates in the country by giving them access to a variety of lenders. Besides partnering with lending institutions like Canada’s major banks, credit unions, trust companies and private funds it also works with over 70 Canadian mortgage lenders. For contact, please refer to the following:
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062