Some people look at private mortgages because they’re not able to find financing any other way… but is anyone ever truly unfinanceable? There’s always a lender out there that wants to work with you, but unless you work with us as your Toronto mortgage broker you might not be able to find the right one. Just because you have bad credit doesn’t mean you have to get a bad mortgage, and here we’ll talk about what affects your chances for a mortgage.
Slow Pays, No Pays and Repayment Problems
If you’ve had a history of delinquent debts or slow payments, you could have some trouble finding a good mortgage – private mortgage or otherwise. You’re seen as a high credit risk because you’ve run or had trouble repaying before; if you have any outstanding debts you’ll want to consider debt consolidation and settlement before you apply for a mortgage. The less debt you have now the better your chances are, and if you can show that you’re working hard to get old debts paid off even the touchiest lender will want to work with you. Talk to one of our Canada mortgage brokers today to learn more.
No Credit, No Problem
No credit can be just as bad as bad credit, but what can you do? Opening a credit card with your bank for 6 months to a year or taking out an auto loan can help you establish the right kind of credit to get a mortgage, but you’ll also need more. You’ll have to be able to show 2 years of employment and earnings – without that you could easily end up paying a lot more interest than you would otherwise.
Mortgages for the Self Employed
If you have bad credit and you’re looking for mortgages for the self employed you’re going to need to work with one of our Toronto mortgage brokers. We’ll be able to help you figure out which one of the lenders will really give you the best chance as a borrower.
Whatever caused it, you have it, but what do you do? You want to get a mortgage to buy a home or refinance one you already own, but you’ve been turned down or offered a bad deal. Let’s face it, everyone’s had bad credit in their past. The only thing that lenders make money on is interest so any reason they can think up they’ll use to charge you more for your mortgage. When you choose us as your Canada mortgage broker we’ll help you make the most of whatever circumstances you’re facing.
Everyone is different, but the less you can pay in interest and the more favourable terms you can get from the outset the better. Private mortgages are a great way to save money and there are many lenders in the area that work with people with bad credit. Everyone can get a deal when they deal with the right lender. Call today and see what we can do for you.