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Bad Credit Mortgage Loans in Oakville

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Many people don’t find out about the state of their credit until it’s too late. Whether they’ve been denied a credit card or some kind of loan, it is usually the first time they recognize the damage they have done to their credit score. For those people who have established bad credit, there are still mortgage options available that can make you a homeowner in the Oakville region. Private lenders have been offering competitive mortgage products to people with bad credit for a number of years, helping them to become homebuyers or improve their financial position in the event that they are refinancing. Most homeowners are unaware of the hidden equity they are building in their homes as they continually make their mortgage payments.  As homeowners make their mortgage payments, they begin to own more of the value of the home. As this value increases, they become eligible to be approved for additional funds in the form of a second mortgage or home equity line of credit, which can be accessed for all types of necessary or emergency situations. Homeowners looking to pay off their mortgage might be searching for the best approach.

Additional Lump Sum Payments

Many homeowners wonder if making additional lump sum payments is the right way to go when seeking to pay off their mortgage quicker than the amortization schedule. When is the right time to make lump sum payments? The answer is simple: when you can. If the goal is to pay down you mortgage as quickly as possible, it is a good idea to make a lump sum payment whenever you get the chance. Often times, money can come to us unexpectedly, in the form of work bonuses or birthday gifts. Save this money and apply it to your mortgage. It won’t put any added constraints on your weekly or monthly budget, and it can help to greatly decrease the amortization period of your mortgage. Some banks even allow you to make an extra mortgage payment each year, which can be applied directly to the principal. This anniversary lump sum payment is a great way to chip away at your mortgage.

Accelerated Bi-Weekly Payments

This is a great way to not only cut down the amortization schedule on your home, but also potentially save you a lot of money on interest as well. Instead of paying your mortgage on a monthly basis, twelve times per year, you can increase the frequency of these payments to every two weeks. Accelerated bi-weekly payments are a great way to pay off your mortgage faster in a way that doesn’t put added stress on your budget.
It is easy for people with bad credit to get discouraged about their chances of securing a mortgage. With the help of experienced mortgage advisors, Oakville residents have the opportunity to take advantage of competitive mortgage products from private lenders with a history of helping people with poor credit scores. Contact a mortgage specialist to secure a mortgage and learn more about how you can pay off your home responsibly.  


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