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Real Estate


Buying with Less than Best Credit

While credit history is an important factor in doing business, the history of credit attests to significant change in how Americans borrow money. Euphemistically referred to as “credit,” but realistically defined as “debt,” this once shameful condition has become an acceptable and accepted component of business transactions.
Obviously, an impeccable credit history combined with low credit card balances earns an “A” in the eyes of today’s lending institutions. Interestingly though, a tarnished credit history and high credit card balances, which result in “B” or “C” grades no longer spell doom and gloom for these “sub-prime” borrowers.

Capable of offering more flexible credit ratios than the traditional bank, independent mortgage brokers are able to match lender with borrower by dealing with multiple lending institutions. They actually view the “B”/“C” group as good for business. This does not mean granting mortgages to sub-prime applicants who shouldn’t have one.

In many cases, major medical expenses, divorce or the loss of a job serve to create negative credit circumstances. To qualify for a loan nowadays, borrowers may have to satisfy only one or two, not all four of the standard prerequisites (down payment, debt-to-income ratio, credit history and level of savings) customarily required by traditional lending institutions.

Historically speaking, the perception of independent lenders have redefined what constitutes a good risk. By lending to “B”/“C” borrowers and assisting in the re-establishment of their credit independent mortgage brokers end up helping to boost borrowers into the “A” category. 

Last updated: June 27, 2016

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Sales +1 508-255-2202Rentals +1 508-255-2069
414 S. Orleans Road, P.O. Box 336, S. Orleans, MA 02662

Sales +1 508-349-3411Rentals +1 508-349-3911
1580 Route 6, P.O.Box 760, Wellfleet, MA 02667

Sales +1 508-784-1164Rentals +1 508-784-1125
743 Main St, Rte 28, South Yarmouth, MA 02664

Sales +1 508-487-1001
30 Conwell Street, Unit #7 Provincetown, MA 02657

Equal Housing Opportunity, Realtor, Multiple Listing Service

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