Bad Credit Mortgages in Brampton, Ontario Canada

Bad credit mortgages in Brampton, Ontario Canada are more common now than in the past and our mortgage agents are here to help you get the assistance you need for your bad credit mortgage.

There are many reasons why people have a bad credit score, simply being late on a few payments, separation from spouse, loss of job, etc. Most of these sitituations will be resolved over time and your bad credit score will improve.

Our lenders in Brampton, Ontario Canada understand that a credit score is only one componet of your credit history. The most important factor will be how much equity you have in you home.

The loan to value chart below is for getting bad credit mortgages with a bad credit score.

Below 50% loan to value ratio – you can get a mortgage, the interest rate should be very competitive.

Between 50% – 75% loan to value ratio – you can get a mortgage, the interest rate should be very competitive.

Between 75% – 85% loan to value ratio – you should be able to get a mortgage, the interest rate may be higher than normal.

Over 85% loan to value ratio – very difficult to get a mortgage.

Banks use a credit scoring system provided by companies such as TransUnion to determine whether to provide a loan for your mortgage. Before you apply for any more loans, it is a good idea to get a copy of your credit score.

Read the information on the credit report to see if the report is accurate. Many times, when clients are looking for a bad credit mortgage in Brampton, Ontario Canada they will find that creditors have not reported information correctly and the bad credit rating may come as a surprise to both you and the lender.