Should You Take out a Mortgage with bad Credit

Sydney Hahn, Loan Officer

Sydney Hahn, Loan Officer at Cliffco Mortgage Bankers, gives us a quick advice about taking a mortgage loan when we have bad credit.

Should we apply? Should we take the burden of a mortgage payment? Of course, the answer will ultimately depend on your personal situation. But even with questionable credit, your financial situation could enable you to qualify for a mortgage: Cliffco offers for instance a variety of non-conventional mortgage loans, called "non-QM mortgage", to people who may not qualify for a regular FHA loan, for instance. So the first step is certainly to discuss and assess the specific situation with a loan officer.

Then, if you find out that you could qualify for a mortgage loan, should you take on the burden of a mortgage payment? Again, that all depends on your financial situation, and the monthly payment you would have to make. In any case, this is a decision which is only yours to make.

We cover in other videos why it is ultimately more sustainable financially to own than to rent. If you are wondering the what, how, if, and when of taking a mortgage loan, then it will probably be beneficial to have a conversation with one of our qualified mortgage loan officers. We are located in Uniondale, NY, and we serve all of the Long Island, NY market, which we know very well.

Call us. Get sound advice.

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