Who will finance a house with bad credit?

Alternative lenders will finance a house if you have bad credit. These B lenders are banks, trust companies, credit unions and other institutions. Then there are private lenders also that are not regulated. Both lender types have flexible qualifications and able to finance a house despite having bad credit.

B lending is institutional mortgage financing. B lenders are Federal regulated and must apply TDS and GDS and the stress test to all mortgage requests. Their mortgage qualifications are more flexible than A side lenders. They accept varying degree of derogatory credit. They are an excellent " alternative" for borrowers that do no qualify for mainstream financing.

If you apply at a bank and do not qualify, the Bank is unable to provide any alternative solutions. A broker is networked with all 3 lender types, and can therefore place your mortgage with the lender that best suits your situation.

What are the 3 types of Mortgage Lenders in Canada?

There are 3 types of Mortgage Lenders in Canada. A-side lenders and B side lenders are both Federal regulated. Private alternative lenders are not regulated but are the most lenient when it comes to mortgage approvals. Sometimes both B lenders and Private lenders are referred to as " Alternative Lenders".

How long after my bankruptcy can I get a mortgage?

there are 2 ways to qualify after a bankruptcy: With an A lender by proving you have rebuilt your credit for at least 2 years and had not further derogatory credit. Down payment can be as slow as 5%. Alternative lenders can approve a mortgage 1 day after bankruptcy discharge. The minimum down payment needs to be 20%.

Is there a no down payment mortgage?

There are no down payment mortgages in Canada. The minimum down payment on the A side is 5%. The minimum down payment on the B side is 20%. In both cases TDS and GDS need to be within the approval range.

What is a bad credit mortgage?

A bad credit mortgage is a loose term used by brokers to describe a mortgage from an alternative lender. Alternative lenders have greater flexibility. The B lenders are Federally regulated, whereas private alternative lenders are not. Bad credit mortgages are mortgage solutions designed from borrowers who do not qualify mainstream because of poor credit or income reasons.

bad credit mortgages

Mortgages for bad credit

bad credit mortgages

Bad credit mortgages Canada

For Bad credit mortgage Canada, we are the broker of choice. Do you have bad credit? Have you been declined by your bank? We offer sensible solutions to meet your needs.

Providing bad credit mortgages since 2003

We have approved countless borrowers with poor credit. You too are able to qualify for a bad credit mortgage in Canada. Yes, if your credit score is below 650 we place your home loan with an alternative B lender. Institutional B lenders have more flexible approval guidelines. They accept many types of derogatory impediments. They also accept much higher TDS per cent than A side lenders. If you have a low credit score it is because your credit repayment history is not good. You May have had a bankruptcy or filed for a consumer proposal within the last few years. These not so good situations should not prevent you from getting approved. Work with a reputable, experienced broker. They will determine your qualification based on many factors. These include, down payment, location of the property, and your credit profile. A bad credit mortgage is possible and you should not let your hopes down. Bad credit happens to many people because of life circumstances.

Browse our site and familiarize with our products and services. Please contact us if you don’t find what you are looking for. In fact, you may request a free NO Obligation consultation.

Getting approved despite your credit

If your credit score is below 650 or you have great credit but your bank declined you, contact us. As a broker specializing in alternative mortgages, we will present you with two alternative lending options to meet your needs. This way you can choose informatively the best option for you.

Bad credit mortgage Canada Lending Locations

We focus working with B lenders in Ontario. All major cities including Toronto, GTA, Ajax, Pickering, Mississauga, Brampton, Newmarket, and Barrie. Also, the Niagara Horseshoe including Niagara Falls, St. Catherines, Stoney Creek and Grimsby. In addition, we provide our service throughout Canada. Alberta, British Columbia, Manitoba, Ontario, Nova Scotia, New Brunswick, PEI, Newfoundland, and Quebec. B Lenders will lend in major cities only.

Get Approved – pre qualifiers

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Testimonials
News and Updates

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Testimonials

Testimonal 1

Aldo helped us when the banks would not! Our bank that held our home loan for 10 years pre-approved us to buy a new property. I submitted the property MLS to the bank BEFORE I put my home on the market. I am the type of person that has to have a place to go BEFORE I buy. We submitted all our information and got approved for our new property. AFTER we sold our home the bank informed us that they would not lend for that property.

We were advised we needed to go to a broker. I COULD NOT BELIEVE THIS WAS HAPPENING TO US!!! We had 10 people die within a six month period. Our daughter hit by a drunk driver and sustained a serious brain injury and we had lost my Dad. We this added so much stress to our situation.

I found this company online. Aldo Mormile worked to help us get a home loan. He worked with us through 3 properties, worked with our Realtor and Notary and was so kind. He desires to help people. Aldo answered every call, every email and every text. Even after he found us the loan he kept working for us and at the last minute found us an even better rate. I will only work with Aldo on any future purchases. Call Aldo, you can’t go wrong.

Testimonial 2

““Aldo was an absolute gift sent to us by God. We thank God for sending us the right person at the right time. Since we have tried almost a year with different banks, and brokers to get us a 1st home loan to cover our all our debts. But every time we always get disappointment answers from the bank and Lenders. …. He is a person who cares for you with all his heart and he never stops until he finds an answer for you. Because of your endless efforts, we actually have a future and new beginning again in our life again. Thank you very much for your caring and support during the entire time…….**** Jeya & Thasan” “

Testimonial 3

– replaced an 8% first and 12% 2nd and provided 30 k for home renovations.

“Your attention to the details of this home loan has been superior. I would like to say thank you from the bottom of my heart. This has been so stressful for me from the beginning and now we are close to a resolution. This note is to show respect and voice our appreciation.” This has put my heart at rest. Thank you. Tracy and Arthur

Testimonial 4

Mortgage Arrears

Thank you for helping in restoring my mortgage. You found a way to pay off the arrears, pay property taxes, and provide extra funds. I enjoyed working with you, and your service is impeccable and professional. Because of this, certainly I do not hesitate to refer friends and family to you. Rebecca

– replaced an 8% first and 12% 2nd and provided 30k for home renovations.

FAQs – Mortgage News and Updates

Who can use this site?

This site services borrowers that do not meet mainstream borrowing. We provide you with a new 1st mortgage or a 2nd equity take out mortgage despite your bad credit.

Who are your lenders?

Our lenders are mainstream A lenders with broker discounted mortgage rates. Our B lenders focus on proving home loans for borrowers with bad credit. Finally, our private funding sources help in situations that do not qualify on A or B lending.

New Stress Test effective

Buying a home with less than 20% will mean passing the new the stress test. The qualifying rate is now only 4.79%. Find out more how it may affect you….

Rental Properties changes

Rental properties need a down payment or equity of 20%. For rental property guideline.

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simple and easy approval process

What if my credit is bad? Do not worry, we have alternative lending »

More information on our solutions? Call us today 1-877 237-2601 or fill out our online contact form.

How much down payment do I need? Read about our down payment requirement.

Alternative Lending – Borrow up to 80% of the value of your home depending on location. Now is the time to take advantage of lower rates. Rates starting at 2.74%.

What are Alternative lenders?

Alternative lenders are lending institutions that lend based on more flexible acceptable criteria than conventional bank lenders. Some may include private lenders in the Alternative category. We prefer not to because institutional B lenders are regulated; private alternative lenders are not.

See our interest rates to better understand how B lending pricing works. See Alternative lending for more information.

bad credit mortgages Canada