"What is your credit score, at least ballpark?" is probably one of the first questions your Mortgage Agent will ask you. And it's not because we are just curious, but because it's vital information for mortgage process.
So why does credit score matter? Simply put, it's your score on the scale of trustworthiness for the lender. The better it is, the more chances that lender will be willing to give you a mortgage, or even offer better rates. High credit score is one of the major ways to prove to the lender that you will make your payments on time.
Let's say your credit score is 500-600, can you even get a mortgage in that case? Honestly, it depends and you very well might be able to. There are many lenders who are willing to give you a mortgage even with a lower credit score, as long as other factors are in your favour, for example your income.
There might be other ways to get a mortgage for a person with lower credit score, for example having a guarantor can potentially help to prove to lenders that all your mortgage payments will be on time.
Each person's situation is unique, so book time with me today for a free consultation to see if you qualify for the mortgage you need.
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