There are many situations where you may be financially ready to buy a home in California, but your credit rating could be lagging. This may make it difficult or impossible to qualify for a prime loan. This is where California bad credit loans come into play. A poor credit loan is exactly what it sounds like—a loan which you may qualify for even without a stellar credit score.
Bad Credit Loans California Benefits
A poor credit loan in California offers you the following benefits:
- You can get approved quickly and easily, even if you might not qualify for a prime loan.
- Once you are approved and start making timely payments on your bad credit loan, your credit should start improving. This may open possibilities for refinancing at a lower rate later down the road.
- You can make financial decisions about what you can afford. If you apply for a traditional loan, your lender will look at your credit score and make determinations about what you can and cannot afford. But they may disregard valuable information about your broader financial situation, leading them to reject you for loans you should qualify for and properties you know you can afford. With a bad credit loan, you make your own decisions about your financial future.
While bad credit loans in L.A. offer homebuyers options, not all of them are equal. Premiums and interest rates on bad credit loans tend to be higher than they are for prime loans, and terms and fees may also be unwieldy in some cases.
Therefore, Pacshores Mortgage works with a network of accredited bad credit lenders in California. Since we have established such strong relationships, our lenders are willing to reduce their fees, interest rates and premiums for our clients. Unadvertised deals like these make bad credit loans affordable, even in an expensive housing market like California.
Pacshores Mortgage Can Help You Get Approved for a Home Loan Even with Bad Credit
If you want to buy a home in California with poor credit, it is possible—and it can be affordable too. Give Pacshores Mortgage a call at 310-478-5005, and we will schedule you for a consultation to discuss whether a bad credit loan might be a suitable option. We can help you apply and get approved fast so you can move into your new home in California.