Getting a mortgage often happens at a stressful time in anyone’s life. When you have credit challenges, the right advice can make all the difference in the world.

PEOPLE WITH BAD CREDIT CAN STILL GET MORTGAGES

Many people think that if they have bad credit, poor credit or a low credit score they will be unable to get a mortgage. This isn’t the case. The Key is equity. If you want to buy a home, you need a large down payment. If you want to refinance your home, you need a lot of existing equity. With bad credit, it is difficult to get a mortgage for more than 80% of the value of the property. There are many myths circulating about what mortgage companies will allow and what they won’t allow when it comes to bad credit. The main reason for this is that people often talk to only one bank, and they learn about that bank’s specific policies. A mortgage broker with experience helping people with bad credit has access to the policies of many different banks and mortgage companies, and therefore can present you with multiple options from multiple mortgage lenders. Just because one bank says no, doesn’t mean they all will.

BUYING A HOME WITH BAD CREDIT

You might be surprised that a higher interest mortgage is still better than paying rent. Even with bad credit, it is still possible to buy a home with a large down payment.

REFINANCING WITH BAD CREDIT

Refinancing might be a great option to help your situation. Even if your bank won’t renew your mortgage, we may be able to find a mortgage lender that will help you. 

HOME EQUITY DEBT CONSOLIDATION LOANS

Have a lot of consumer debt, and equity in your home? We may be able to use that equity to pay off some debt with your mortgage and help lower your total payments.

MORTGAGES FOR SELF EMPLOYED BORROWERS

If you are self employed and think a bank won’t give you a mortgage, think again. We have many different lenders that have self employed mortgage programs.

GETTING OUT OF A FORECLOSURE

If your home is about to be foreclosed upon due to non-payment issues, we can help you stop the foreclosure to allow you to keep your home and find a solution.

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WHAT KIND OF BAD CREDIT MORTGAGES ARE AVAILABLE?

Bad credit mortgage loans require larger down payments (often 20% or more), or more equity in your home if you are already a home owner. Sometimes, if the credit issues are minor enough, the best interest rates and mortgage products are still available to you. An experienced mortgage broker will try to get you the best rate that you qualify for, based on your current financial situation. The larger your down-payment, the better your interest rate will be. We have many different lenders that have self employed mortgage programs.

What kind of credit issues will impact the type of mortgage you can get?

- Bad credit mortgages are home loans that are available to people who have had or have credit issues. There are many situations that can have a negative impact on your credit score. Credit Reports are like fingerprints, there aren't two that are the same. Whether you want to buy your first home, or refinance a home you already own, a bad credit mortgage broker with Dominion Lending Centres Mortgage Mentors can help. Here are some examples of credit issues that will impact your mortgage options:

  • Late Payments
  • Collections
  • Bankruptcy or consumer proposal
  • Vehicle that was re-possessed
  • High debt load
  • Fraudulent credit in your name
  • Poor credit / Low credit score
  • Credit accounts where the balance is over the limit
  • Written off accounts