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Home loans for people with a bad credit history in Canada

Home loans for people with a bad credit history in Canada can be difficult to obtain. A bad credit history can be the result of many different factors, you may have filed for personal bankruptcy or you may have simply missed a few payments on your credit card. You now may be considered a “high risk client” even though you have the income to make your home loan payments.

The good news is that we can arrange quick mortgage loans for people with bad credit ratings. People who require a quick loan should be prepared to do some additional legwork to ensure that the mortgage broker has all the up to date information. The broker will ask questions regarding your  bad credit history, property values, mortgage loan and outstanding debts. Try to give the broker all the information, do not try to hide some debts, since brokers do their own independent research to confirm the accuracy of your statements. The other problem with inaccurate information is that the loan process is slowed down, since every discrepancy will take additional time to correct.

So now that you have done your homework you will find that getting quick home loans for people with a bad credit history are not that difficult to arrange. The mortgage broker should get an up to date copy of your credit history, arrange an appraisal and confirm that the money is available from a lender. The broker will handle most of the financial paperwork required to close your home loan, they should also be able to direct you to a lawyer who will register the loan against your property.

You should also look into ways to improve your credit rating. Ask the mortgage broker the reason for your bad credit rating, sometimes, minor issues may have caused your bad credit rating. Check to ensure that an old credit problem that you cleared up years ago has been removed from your credit score.

The overall goal should be to get you the money you need right now and to find ways to improve your bad credit history. The repaired credit rating should allow you to borrow money in the future at lower interest rates than you will pay as a “high risk client”.

Remember that arranging quick mortgage loans for people with a bad credit rating is what our company specializes in. Our brokers are trained to be respectful and sensitive to your needs, we aim to provide you with the best service and the lowest interest rates.

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