Many people would like to know how to get a bad credit mortgage. Our mortgage brokers have lenders that specifically provide loans and mortgages to people with bad credit. A bad credit rating does not mean that you can not get a mortgage. Our clients can get a mortgage, but the interest rate may be high and the mortgages terms might be stricter. Please call our brokers for a free consultation on your mortgage.
There are different levels of bad or poor credit. What one lender considers bad credit another lender will accept. In general banks want you to have a very high credit rating, while private lenders will accept a very low credit score. Our brokers will arrange a lender that can provide a mortgage that takes in consideration your credit score.
We also recommend that you try to improve your credit rating by seeking credit counseling. A small improvement in your credit score can result in a much lower rate of interest on your next mortgage.
How do banks define what is a bad credit mortgage in Canada? The answer is a credit scoring is a system used by companies such as TransUnion help determine how credit worthy you are. Before you make a request for any credit loans in Canada, get your credit score and a personal score analysis.
Read all the information on the credit report to see if the report is accurate. Sometimes, when clients are looking for a mortgage they find that creditors have not reported information correctly and the bad credit rating will come as a surprise to both you and the lender. Therefore, the best advice is to get your credit report well in advance and make sure it is accurate. If there are any errors you can contact the credit rating agencies and explain why there is an error.