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Bad Credit Mortgages

Bad Credit Mortgages

If you have bad credit, this could be a result from many things; too many late payments, inability to make payments for different reasons, or you might have “bad credit” because you just haven’t had any credit in the past. Whatever your situation may be, once you have bad credit, it can be difficult to get any sort of help from a bank or financial institution.


A bad credit mortgage is somewhat easier to obtain nowadays than in the past. Lenders will need to be certain that the monthly payments can be made and that the property being purchased is affordable. An individual’s debt-to-income ratio has to fall within a certain category. The lender uses a point system to help in determining eligibility for bad credit mortgages in Canada.

If you currently do not own a home and have bad credit, a 25% down payment could be required depending on your situation. You must also have full time employment, guaranteed hours and income.

If you currently own a home and have significant equity we can provide alternative financing, or debt consolidation to help you get back on track even if you have been bankrupt, have collections, or made late payments, there may be products available for you to refinance your current mortgage.

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.

  • Mortgages up to 80% of the value of your home
  • Competitive rates
  • Lenient income verification

Private Mortgage

If you have equity in your home or are purchasing a new home, there are 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.

  • 1st & 2nd Mortgages up to 75% of the value of your home
  • Not based on your credit history
  • Lenient income verification

If you are looking at purchasing a home but are afraid you won’t be approved because of your credit rating, give me a call today at (306) 221-2373. I may be able to help your current financial situation.

   

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