Can Anyone Benefit from a Bad Credit Mortgage?

Virtually anyone can benefit from a bad credit mortgage, but some will do better going with a traditionally structured mortgage; here we’re going to talk about the importance of choosing us as your Toronto mortgage broker and what you can do to get ready before you apply. While lenders offer mortgages for people with bad credit, it’s important to remember that you want conditions as favourable as possible before you apply! Let’s get started.

Why Bad Credit Mortgages?

Everyone has a period in their life where their credit situation is less than perfect, but how are you ever going to recover if no one will give you a fair shake? When you work with one of our Canada mortgage brokers you’ll get all the help you need; we’ll pair you with the right bad credit mortgage lender that understands mistakes happen. You’ll be able to buy a home or refinance one, rebuild your credit and move forward with your life. If you’re sick of being stuck in your financial past let us help you move forward and get the credit you need to get started.

What Makes These Different from Conventional Mortgages?

Borrowers with bad credit are going to have different needs than those who have excellent credit; you’re going to need services like a lender that won’t penalize you for paying early (it happens!), debt forgiveness and more. They’re geared more towards borrowers that have had financing issues in the past but they can be hard to find on your own. Many traditional lenders like banks and lending groups feature these but you have to know where to look. Our expert Toronto mortgage brokers can help you find the lender that’s offering just what you need to get a mortgage.

Are the Criteria Different for a Bad Credit Mortgage?

You’ll still need to have proof of income, a deposit (if you’re buying a home) and equity (if you’re refinancing a home). If you go the private mortgage route you may be able to get a home with as little as 5% down, but this varies depending on what lender you work with. Whatever you do, please speak with us before you start applying. We’ll go over your credit report and more to help you understand how you can improve your finances and get a better deal when you apply. Just getting 10% of your debt repaid can lower your APR 5%! Why pay more than you have to?

Buying and refinancing a home can be hard, especially when you have bad credit. Mortgages for people with finance issues are out there – let us help you find the lender that will work with you! We’ll be there throughout the process and work hard to make sure you aren’t paying more than your fair share. Don’t let bad credit get in the way of buying or refinancing a home. Call today and see what we can do for you – lower interest rates are a call away.