Do you Have a Bad Credit Score? Top 3 Remortgaging Options

In case you have poor credit score and you would want a remortgage, you have a few options that you can try. Below are some remortgaging options in case you have a poor credit score.

last updated Tuesday, November 5, 2024
#Remortgaging Options #Subprime Lender

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John Burson

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Subprime Lender

You can partner with such lenders with a reputation for working with individuals with poor credit. If traditional lenders decline to assist you, they often direct you to subprime financiers who can help you.

Cosigner

One of the best options you have to remortgage is by finding a family member or a friend to jointly cosign a mortgage with you, especially if they have good credit. This option will work to your advantage because you’ll utilize your friend or family member’s good credit and help you get an affordable interest on your mortgage. This can be problematic for the person who agrees to cosign, so ensure you get individuals who can trust you.

Commercial Hard Money Loans

Another good alternative that you may have is partnering with reliable commercial hard money loan lenders. Commercial hard money loan financiers are investors with ready finances to lend commercial hard money loans to borrowers, especially those with poor credit scores. These investors have their own rules and regulations and are often prepared to partner with individuals who are in troubled circumstances. You most likely qualify for finances from commercial hard money loan lenders when you have equity. Commercial hard money loan lenders are beneficial because they don’t have the strict procedures and requirements that most banks and traditional financiers have. You can also easily find a nearby commercial hard money loan lender through referrals from conventional lenders or online.

 
 
 

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