Bad Credit Mortgages
Getting a mortgage despite a bad credit score.
If you have a credit score below 600, chances are you’re not getting approved for a mortgage loan with most of Canada’s big banks. But, don’t panic! Many borrowers with bad credit often get mortgage financing.
Your credit score can affect your mortgage interest rate and your monthly mortgage payment. A high credit score will help you secure a lower mortgage rate, which results in lower monthly mortgage payments. If you don’t meet the minimum credit score threshold set by Canada’s big banks, I can help you find ‘B lenders’ or ‘subprime lenders’ who are more lenient on credit score requirements. Even if you’ve gone through a bankruptcy or consumer proposal, you can still obtain financing through private mortgage lenders that have a number of mortgage financing options available to those who have declared bankruptcy in the past.
The truth is that bad credit borrowers can still obtain a mortgage. It is not an impossible feat.
If you’ve checked your credit score, and it doesn’t look good, remember that credit scores are not permanent. I can give you strategies to help improve your credit score and even heal damaged credit after a few months before applying for a mortgage.
If you need to buy a home before you can qualify for an A lender mortgage, I’ll put you in touch with non-traditional lenders who offer financing solutions to individuals who have some credit challenges
Call or email today for a free personal assessment and I’ll help you decide on the best way to move forward.