Getting Financed with Bad Credit

bad credit mortgageIf you’re having trouble getting financed, it’s time to start thinking about bad credit mortgages! There are so many lenders out there that are eager to work with you, even if your credit is a bit iffy. Here we’re going to go over a few things you’re going to have to ask yourself and what you can do to fix your bad credit in the process. Remember: just because you have bad credit doesn’t mean you have to get a bad interest rate! Let us help you get the most out of your next mortgage.

Why is Your Credit Bad?

The first thing you need to ask yourself is WHY are you in this situation? Did you have a misstep, is there a pattern of behaviour that you need to fix? We’re not here to preach at you, but getting another mortgage or line of credit isn’t the solution when you’re not sure what the problem is. While everyone makes mistakes every once in a while, you’re going to need to know what the problem is – you can’t fix it if you just don’t know!

Start Fixing Your Credit

Once you figure out what your problem is (unpaid debts, slow pays, no credit) it’s time to get to work. If you have a home right now we can help you refinance your home for debt consolidation. If you’re just starting out and need some help establishing your credit, we can help you there. You’re always going to want a Canada mortgage broker like us to help you get the best deal possible. Opening up some accounts, taking out a car loan and having a debt you’re paying or have paid off is so important for establishing your credit. Once you pay off your accounts LEAVE them OPEN. Don’t close them! 

Work With Us

Working with us is going to help you get the most for your money. Bad credit mortgages might seem like a pain, but they don’t have to be when you work with us. We’ll help you get the best deal down to a fraction of a percentage point and we’ll get you the lowest monthly payment possible. Why should you have to pay more than you have to when we can help you get where you need to be? But bad credit mortgages aren’t for everyone and you’ll want to make sure that this is the right choice for you before you sign on.

Is it Right for You?

How bad does your credit have to be for a bad credit mortgage? Anywhere from 600 and below is considered the red zone, but some lenders will work with you at 550+. They’ll also take into consideration how much money you have liquid, how much you owe, how much income you have and a whole list of over things to decide your “creditworthiness”. You’re going to have so many things that you’re going to come up against. Let us help you get the right mortgage, good credit or bad.