How to Get a Mortgage with a Criminal Record?

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Many mortgage experts say that it is impossible to get a mortgage with a criminal record. However, this isn’t exactly true. Sure, it can make things a little bit more difficult for you, but all you need to do is shop around and you might be able to find one. A past offense should not affect you from getting your life back on track, however, many people find that they come across a few obstacles if they have a criminal record. 

Very few people can afford to buy a house outright, which is why many people need to get a loan to help them afford their house. However, if your mortgage application could be denied simply because you have a criminal conviction. Things like financial infractions (such as fraud or theft) will be the main reason to why your application is rejected. The reason behind this, is because banks don’t want to take an unnecessary risk (as the bank thinks that there is a risk that they might not be repaid). 

Have a Regular Income

When it comes to mortgages, banks will ask you for proof of employment, as they will want to verify your income. If you can prove that you have a steady job, regular income, good credit and have stayed out of trouble then some lenders might not even worry about your criminal history. Not all lenders run background checks, and it’s better that you don’t ask if they do (otherwise this might raise suspicions).

You need to show that you are reliable and can afford to make payments on time. If you can try and improve your credit score (as well as having a regular income), then this can be enough proof for lenders that you can make payments on time. All banks care about is getting the money that they are due, so if you can prove to them that you can do this, then you have a better chance of getting a loan.  

Obtain a Pardon

If you are finding it incredibly difficult to get a mortgage due to your criminal record, then have you considered getting a pardon? This is one of the easiest ways that you can get a mortgage. There are plenty of ways that you can obtain a pardon, it just depends on where you live. For example, if you live in Canada, then you can simply use a firm that helps with Pardons Canada and you’ll be all sorted. 

Of course, certain conditions have to be met. However, once you have obtained a pardon then your criminal record will basically become invisible during criminal record checks. This means that it will be a lot easier for you to get a mortgage, so that you can afford a home. It will also help you if you are trying to get a job as well. So, it is definitely something that you should consider doing if you have a criminal record. 

Apply Now

Don’t be put off from getting a mortgage. If you don’t apply, then you won’t ever get one. If you get rejected the first time, then keep on applying with different banks until you find one that is happy to give you a mortgage. Banks will look at several factors in determining whether you are eligible for a loan and there are several ways that you can improve your chances of getting a mortgage.However, if you don’t start applying for a mortgage, then you won’t get accepted for one at all. Even though it might be disheartening at times, just know that you are one step closer to getting that mortgage. Just take it one step at a time and you’ll be fine. If it gets to a point, where money is your only concern, then you should check out this article here about how you can change the way you think about money.

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