Can a Low Credit Score Wreck Your Chances for a Good Mortgage?

bad credit mortgageIf you’re looking for help with bad credit, mortgages can be hard to find – that’s when you’ll want to turn to bad credit mortgages. When you work with one of our Toronto mortgage brokers you’ll have someone on your side to help you figure out how to get the best mortgage. Is your credit really that bad? Do you even know what your score is? Why are lenders so skittish when it comes down to scores below 600? Here we’re going to answer these question and more, so let’s get started and figure out if it’s the best one for you.

What is a Good Credit Score?

An “okay” credit score lies between 600 and 650, while a “great” credit score is 700. If you’re below 600, you’re in trouble! It’s okay though, because you can still fix things. You’ll want to get a copy of your credit report and look for any problems. Accounts that you never paid off, accounts you never had (errors) and more will need to be rectified before you even think about getting any kind of mortgage, much less a bad credit mortgage. Working with one of our Toronto mortgage brokers you’ll be able to get the most out of your next mortgage and know when you’re ready to apply.

Having the Right Down Payment Helps

You’re going to need 20% down or MORE before you apply for a mortgage. Try to get pre-approved before you start shopping for houses; this way you’ll be able to see how much money you can get now and have an idea of how much you need to improve. If you’re stuck in a situation where you just can’t get your credit score any higher, think about buying the home with someone (a co-applicant) or having a friend or family member with good credit help you qualify for a better mortgage (a co-signer). This way you’ll be able to get something more suitable in a shorter amount of time.

Finding the Right Lender is Important Too

You’ll need to make sure you’re working with a lender that has a good track record with bad credit mortgages. When you work with us as your Canada mortgage broker we’ll help you figure out what lending situation is right for you. Maybe a conventional lender will help, maybe you’ll need to go the private lending route – whatever you’re looking for, and you should let us help!

Work With Us!

We have a long history of helping Toronto borrowers find the lending situation that fits them best. There’s no such thing as “one size fits all” when it comes to your mortgage, so why approach it that way? With interest rates at near all-time lows lenders are competing for your business and you can come out on top. Give us a call today and see what we can do for you; after all, don’t you deserve a great mortgage?

Visit our bad credit mortgage page today for more information!