Canada Bad Credit Mortgage
Trying to obtain a mortgage in Canada with bad credit from a bank can be a degrading process. Credit is not unlike a game, knowing or not knowing the rules will affect the outcome. If you have bad credit and are in need of a mortgage, let us help you. We have the experience and access to various lending solutions to help you.
Bad credit mortgage rates in Canada depend on a multitude of factors. The loan to value being the biggest factor affecting the rates. Since each property, borrower and situation is unique. I highly encourage you to apply online for the most recent rates that would reflect your situation.
We can also arrange a bad credit second mortgage. We can often help customers with bad credit obtain a first mortgage up to 65% LTV at very low rates and top up the rest of the mortgage with a second mortgage. Combined the rates are much more competitve then finding a lender willing to offer a full first mortgage. Canadian bad credit mortgage purchase and refinancing usually requires at least 15% down/equity in major cities and up to 25% down/equity in rural areas.
To see if you qualify for a bad credit mortgage in Canada, apply online today. If you lack the down payment or have insufficient equity in your home to refinance you can learn about your credit to understand how you credit works and what steps you can take to improve it. Improving your credit will eliminate your need to require such a large down payment.