BAD CREDIT MORTGAGE

How Can I Get A Mortgage With Bad Credit?

​

Given today’s extra strict guidelines, more and more Canadians 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. Have no fear, we are here! In most cases, we can 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 loan payments, tax arrears, past bankruptcies, or a consumer proposal. Credit is not the only determining factor when it comes to the interest rate that you will pay, your income and debt ratio also play 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.

​

Here is a chart that illustrates the interest rates that Canadians with bad credit or less-than-ideal credit may pay:

​