Have Bad or Poor Credit? Do you live in the Kitchener, Waterloo or anywhere else in Ontario? Do you need a mortgage? I can help.
A bad or poor credit mortgage is a term that is used when someone who has poor credit, bad credit, horrible credit, or no credit applies for a mortgage loan.
As you may have heard or read in the news recently, Many Canadians are having a more difficult time getting approved for mortgages at their banks due to recent policy changes. Mortgages are even harder to come across if you have less than excellent credit and high income. This is where bad or poor credit mortgage loans come in.
Bad credit mortgages in the Kitchener and Waterloo area are mostly available through alternative lenders and through channels that are not as well known for mortgages. Since banks and many other larger institutional mortgage lenders will only approve the lending of mortgages to individuals who have good credit, great credit or excellent credit. It is important to understand that even if your credit is not too bad, you could still get turned away by the banks when applying for a mortgage and other mortgage related loans.
More Information on how I can help you get a Mortgage even if you have bad or poor credit.
Given today’s extra strict guidelines mentioned above, more and more Ontarians are being turned away by their banks for mortgages. Even if you have good credit, but are self employed you might still have trouble qualifying for a mortgage at a bank. In most cases I am able to help you get approved for the mortgage you need even if you get denied by the bank for a mortgage.
It should not come as news that different lenders offer different first, second, and even third mortgages to a variety of borrowers. Borrowers who have amazing credit will typically be able to qualify for lower interest rates than borrowers who have poor to horribly bad credit due to missed mortgage loans payments, tax arrears, past bankruptcies, or a consumer proposal.
Your credit is not the only determining factor when it comes to the interest rate that you will pay, your income and debt ratio also plays in the rates that you will be paying on your mortgage and other loans. Many people who are self employed and do not declare all of their earnings end up paying for it through increased interest on mortgages and other loans. Bad credit typically leads to high interest.
I can help answer all your questions so please feel free to contact me for a free, no-hassle conversation.
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