Bad Credit Mortgages
If you have bad credit, mortgages become extremely difficult to obtain. We provide alternative financing, or debt consolidation for those who cannot qualify for a mortgage because of poor or no credit at all. If you have been bankrupt, have collections, or made late payments, there may be products available to you. We will also show you how to improve your credit rating so you will qualify for best interest rates again soon!
We will walk you through the entire process from start to finish. We are here to make sure you get the best rate and product possible.
Please scroll down and you will find more information regarding bad credit mortgages.
Equity Mortgage
If you own a home and your credit is damaged but not destroyed, you may qualify for an equity mortgage based on the value of your home. This type of mortgage offers a little more of a competitive rate than a privately funded mortgage. The equity in your home can be used to payout those high interest debts and get you back on track.
Private Mortgages
A nice and simple way to get the funds you need! If you have equity in your home or are purchasing a new home, we have private lenders that will lend money regardless of your credit or employment at the most competitive rates in the industry! When you have no other options there is always private financing available to get you the financing you need!
Credit Repair Tips
So you don't have the best credit record in history. You've maxed out cards, missed monthly payments, and are paying credit cards off with other credit cards. Your financial mistakes have now caught up to you, and you've just found out officially that you have a poor credit score. In most cases, you can recover from your credit mistakes. Make a disciplined plan to repair your credit by following these tips:
Make Payments on Time
Making all your debt payments on time especially of credit cards, is the most effective way to repair your credit rating. As you know, every credit account you have is reported monthly. Payment of these accounts, both amount and timeliness, are tracked by credit rating agencies such as Equifax Canada and TransUnion.
Pay More than the Minimum Balance
Not only does this increase your credit rating, but it also saves you a lot of money in interest, and makes a huge difference in your eventual goal of debt retirement.
Keep Your Balances Low
This is an important strategy, and one that will help increase your credit score. You want to keep your balances no higher than 75% of credit available to you.
Avoid Applying for Credit
Every time you apply for a loan or credit card a hit is registered against your credit score, this lowers you score. Only apply when you actually need financing. One common mistake is applying for credit at every car dealership when car shopping. This will greatly affect your score with numerous hits in such a short time period.
Maintain and Use Some Credit
If you have no loans or credit cards in your name it also reflects poorly, you may even have no score at all which is no different than having poor credit. It is recommended to have a minimum $1500 of credit available to you, use this credit responsibly and your credit will rise.
Established Credit History
The longer your history is with each
account, the better it is for your credit rating. Keep
accounts open for long periods of time rather than
re-applying for new cards and canceling old cards.
You will be rewarded for responsible credit handling. Be patient, use the tips above and the passage of time will earn back your good credit profile. In the future when you do need credit for a major purchase such as a car or a house, it will be available to you. Once recovered, maintaining a good credit rating takes discipline, but it's worth the effort. You'll be able to live and enjoy a financially stable life.
How We Can Help
OOur brokers work for you, not the bank! We deal with over 75 lenders across Canada to find you the best possible mortgage to fit your needs. We are an independent company with the sole purpose of finding you the best mortgage rate and product in Canada. No matter what your situation is, we have access to regular lenders with best rates, or private money if you have had credit problems. If you do not qualify today, we will show you what you need to do to get your credit repaired. Please contact us anytime with questions you may have regarding your unique situation.
Contact a Broker Now!
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