Bad credit mortgages

Sensible solutions to meet your needs

Alternative B Mortgages

Qualify even with bad credit

BAD CREDIT MORTGAGES

Bad credit mortgages. Welcome to CanadianMortgageFinder.com – Your Trusted Source for Bad Credit Mortgages in Canada!

Are you facing challenges securing a mortgage due to a low credit score or previous rejections from traditional banks? Look no further! We specialize in providing tailored solutions for individuals seeking “bad credit mortgages” in Canada.

Since our establishment in 2003, we have been the go-to broker for those with less-than-perfect credit. Our expertise lies in navigating the complexities of the mortgage landscape, particularly with B lenders. These include banks, trust companies, credit unions, and private lenders, all willing to lend to individuals with low credit scores.

Don’t let a less-than-perfect credit history stand in the way of your homeownership aspirations. Explore our comprehensive resources and specialized mortgage solutions tailored for individuals with bad credit or those who have been declined by traditional banks. With our commitment to empowering borrowers and providing second chance opportunities, CanadianMortgageFinder.com is your trusted partner on the journey to securing a mortgage and realizing the dream of owning your own home.

Explore Alternative B Mortgages for Challenging Financial Situations

Are you facing rejection from your bank despite having excellent credit? Struggling with high GDS or TDS ratios? Self-employed with insufficient income documentation for conventional banks? Look no further. Every day, we secure approvals for borrowers with strong credit but unique financial circumstances. We meticulously assess your situation and offer the lowest-priced mortgage options tailored to your needs.

Similarly, if you’re grappling with bad credit, our B lending solutions might hold the key to your homeownership dreams. Don’t hesitate any longer. Take advantage of the options below to kick-start the process and take control of your financial future.

Choose the type of mortgage you need

Purchases

  • Less than perfect credit
  • Get approved
  • Special programs
  • Superb rates

Refinance

  • Up to 80% financing
  • One monthly payment
  • Consolidation
  • Any credit

Equity take out

  • Fast Fund available
  • 1st or 2nd mortgages
  • Any purpose
  • Equity is King

Reverse Mortgage

  • Up to 55% of value of home
  • Cash is tax free
  • Keep your home
  • Monthly cash flow

Agriculture

  • Up to 80% financing
  • One monthly payment
  • Consolidation
  • Any credit

Commercial

  • Mixed use
  • Retail
  • Office
  • Industrial

Reasons to work with us

Expertise:

Bad credit mortgages is our forte. With years of experience, we understand the unique challenges you face and are dedicated to finding solutions that meet your specific needs.

B Lenders:

We specialize in placing mortgages with B lenders, both institutional and private. These lenders offer more flexible approval guidelines than conventional banks, making it possible for you to secure a mortgage even with a less-than-ideal credit history.

Flexible Approval:

Derogatory credit impediments and low credit scores won’t hinder your approval with us. We believe in assessing various factors to determine your qualification, ensuring that you have the best chance of securing the mortgage you need.

Lowest Rates:

We are committed to providing you with the lowest rate possible based on your circumstances. Our goal is to ensure that you never pay more than necessary for your mortgage.

At CanadianMortgageFinder.com, we understand that everyone’s financial situation is unique. Whether you’re a first-time homebuyer or looking to refinance, we offer both institutional B and private B mortgage solutions to meet your requirements.

Ready to turn your homeownership dreams into reality? Explore our website to discover alternate B lending rates and conventional mortgage rates. Click here to begin your journey toward a customized mortgage solution that aligns with your goals.

Apply now or request a free, no-obligation consultation to discuss your specific bad credit mortgage needs. We offer pre-qualifiers to streamline the process, ensuring a seamless experience for all our clients. Trust us to be your partner on the path to homeownership, even if you have faced challenges with your credit history.

Providing bad credit mortgages since 2003

There’s a discernible difference when you choose to connect with us, and we invite you to experience it firsthand by giving us a call today! At our firm, we hold firm to the belief that every interaction should leave you feeling not just satisfied, but truly delighted. It’s our commitment to consistently exceed your expectations, without exception, with every transaction we undertake. No matter what your mortgage needs may entail, we stand ready to provide comprehensive solutions tailored to your unique circumstances.

Whether you’re in the market for a new home purchase, considering refinancing options, looking to tap into your home’s equity, exploring reverse mortgages for retirement planning, or venturing into agricultural or commercial property investments, we have the expertise and resources to guide you every step of the way. What truly sets us apart is our unwavering dedication to securing approvals for all these diverse mortgage types, regardless of your credit history.

Regardless of your credit, pristine or encountered some bumps along the way, rest assured that we are here to assist you in achieving your mortgage goals. Reach out to us today and let us demonstrate how our personalized approach and unwavering commitment to excellence can make a meaningful difference in your financial journey.”

   

“There’s a noticeable distinction, and reaching out to us is all it takes! We firmly believe in providing service that surpasses your expectations each time, without fail. Whatever your mortgage requirements may be, rest assured, we’ve got you covered.

 Satisfied? Take the next step to start your approval process

PRE APPROVALS FOR LOW CREDIT SCORES

Prior to embarking on your home search, it’s advantageous to consult with us initially and enable us to assess your qualifications. We’ll provide insights into your affordability, outline your monthly payment commitments, and kick start the process while collaborating with your real estate agent to ensure a seamless and stress-free home buying journey.

Alternative B Mortgages

Since 2003, we’ve specialized in bad credit mortgages, catering to individuals with low credit scores by connecting them with B lenders. These B lenders encompass banks, trust companies, credit unions, and private lenders, all of whom extend loans to those with less-than-ideal credit histories. Unlike traditional banks, B lenders, both institutional and private, offer more lenient approval criteria, accommodating derogatory credit issues and low credit scores. Consequently, past credit challenges won’t hinder your approval, albeit a minimum 20% down payment is typically required for purchases. Our qualification process considers various factors to determine your eligibility, with our primary goal being to secure the lowest rate feasible based on your unique circumstances. Rest assured, we’re dedicated to ensuring you never pay more than necessary. As a premier bad credit mortgage broker in Canada, we specialize in institutional B and private B mortgage solutions.

Ready to embark on your journey to homeownership? Explore our competitive B lending rates and conventional mortgage rates at Canadian Mortgage Finder. Take the first step towards realizing your homeownership dreams by exploring your financing options today. Click here to get started.

 

Self Employed

Self employed? Use our site to find how the process of purchasing your first home. There are 2 ways if you are in business for yourself: Conventionally if you have a minimum of 2 years with notice of assessments showing your qualifying income on line 1500, or alternative B financing if you do not have this requirement. Read more about self employed mortgage financing here.

New To Canada

Welcome to Bad Credit Mortgages, where we specialize in providing personalized mortgage solutions for individuals with low credit scores. If you’re new to Canada and looking to purchase a home, we’re here to help. Our team of experts will guide you through the process, assessing your qualifications and providing insights into your affordability. We work closely with your real estate agent to ensure a seamless and stress-free home buying journey. Rest assured, past credit challenges won’t hinder your approval with our institutional B and private B mortgage solutions. Discover our competitive B lending rates and conventional mortgage rates at Canadian Mortgage Finder and take the first step towards realizing your homeownership dreams today with a new to Canada mortgage.

Second Home

Looking to invest in a second home?  We specialize in catering to individuals with low credit scores who are looking to purchase a second home. We understand that past credit challenges shouldn’t hinder your dreams of owning a second property. Our team of experts will guide you through the qualification process and secure the lowest rate feasible based on your unique circumstances. Explore our competitive B lending rates and conventional mortgage rates at Canadian Mortgage Finder and take the first step towards realizing your second home dreams today.

Spousal Buyout

Considering a spousal buyout? Look no further than Bad Credit Mortgages. Our team of experts specializes in personalized mortgage solutions for individuals with low credit scores. When it comes to navigating the complexities of a spousal buyout, we’ve got you covered. Don’t let past credit challenges hold you back. Our institutional B and private B mortgage solutions ensure your approval, providing you with the financial flexibility you need. Discover our competitive B lending rates and conventional mortgage options at Canadian Mortgage Finder. Take the first step towards securing your future today with a spousal  buyout mortgage.

Rental Property

We  specialize in helping individuals with low credit scores secure financing for their rental properties. Our team of experts will guide you through the qualification process and secure the lowest rate based on your unique circumstances. Explore our competitive B lending rates and conventional mortgage rates at Canadian Mortgage Finder and take the first step towards building your real estate empire today.

Mortgage Arrears

Struggling with mortgage arrears? Don’t let past credit challenges hinder your dreams of homeownership. At Bad Credit Mortgages, we specialize in tailored solutions for individuals with low credit scores. Our institutional B lenders have flexible approval guidelines and accept various types of derogatory impediments. Regardless of your credit situation, we assess your eligibility based on multiple factors. We understand the significance of securing the most competitive rate possible, and we are fully committed to providing you with the best rate based on your circumstances. Our mission is to ensure you never pay more than necessary. As the leading bad credit mortgage broker in Canada, we offer complimentary, no-obligation consultations. Begin the process today and regain control of your financial future.

Stop Foreclosure

Are you facing the threat of foreclosure? Don’t worry, we’re here to help. At Bad Credit Mortgages, we specialize in providing personalized solutions for homeowners with low credit scores. Our team of experts will work with you to find the lowest priced mortgage available for your situation, allowing you to stop foreclosure and regain control of your home. Don’t hesitate any longer, take action now and use the options below to start the process.

What People Say About Us

Client Testimonials

“Very pleased once again with you professional service and advice. Fist mortgage you did for us was in 2016. Once again you came through with exactly what I required. Glad I came back to you!”

C. Morris-WalkerAjax Ontario

“The one thing that stands in our minds is the way you provided our mortgage exactly how you presented to us in our free no obligation consultation. We are extremely grateful to you. Equally grateful to our friend for referring us to you.”

Mike D’AgataSimcoe Ontario

“From our first conversation were were impressed by the expertise and knowledge. You knew exactly how to resolve our unusual request. As it turned out, you delivered what you said you would. It all worked out the way you advised. Thank you!”

K. and B. MoellerWinnipeg Manitoba

Mortgage Refinance

  • Access Home Equity: Whether you’re planning a home renovation, investing in education, or need funds for other important expenses, tapping into your home equity through refinancing can provide you the financial flexibility you need
  • Expert Guidance: Here at our firm, we are fully devoted to offering you unparalleled personalized guidance and unwavering support throughout your entire journey. Collaborating closely with you, we take the time to comprehensively grasp your individual financial objectives, ensuring that we craft a refinancing solution that seamlessly aligns with your specific needs and aspirations. Count on us to be by your side, empowering you to make informed decisions and achieve your financial goals with confidence.

 

Not happy with your current Lender?

Let us transfer or switch your mortgage.

f

MORTGAGE OPTIONS

The lowest rate is not always the best choice. There are other options to consider. Options that may suit your situation better.

Pre-approvals for good or bad credit

Before looking for your home it pays to talk to us first and allow us to qualify you. We will tell you home much you can afford, what your monthly payments will be, and we will start the process and work along your real estate agent to ensure your home buying experience is without stress and hassle free.

Get Pre Approved. Qualify now with good or bad credit

Bad credit mortgage lenders
Institutional financing, you can borrow up to 80% of the value of your home depending on
location. Now the time to take advantage of lower rates. Rates starting at 6.25% for challenged credit.

pin

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

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

BANK SAYS NO – WE SAY YES!

Alternative Mortgage Solutions from from 6.25@%

Recently funded Bad credit mortgages

Business for self solution

Mr. and Mrs. Smith had a mortgage with an A side lender.  Debts became significant so they were trying to get their bank to refinance their mortgage and consolidate debts.

Since obtaining their current mortgage, Mrs. Smith was working for herself.  She worked as wedding planner and  had yet to complete more than a few years of self employment.  Their bank turned down their request because she was unable to provide continuous Notice of Assessments.  They contacted us and requested how best we could qualify them for mortgage refinancing.

The Mortgage Solution:

We determined that qualifying for an A side mortgage was in fact not possible.  We found out that she was using separate bank accounts to deposit her earnings.  Using  her bank statements we determine what her total deposits were and calculated and approximate cost of doing business and related expenses.  We arrived at a net income amount based on her bank statements.  We used a self employed income declaration or attestation to support her income.

Using their total income, we calculated the total mortgage their would qualify for based on a stress test of 2% over contract rate.  Based on this, it was determined they would qualify for a new amount that would pay off her existing mortgage and 85% of consumer debts.  We placed the mortgage with a B lender at 4.54% and 75% Ltv.  Furthermore, they saved $1800 in monthly cash flow.

THEIR EXIT STRATEGY:

The mortgage we placed for them was for 1 year term.  It was enough time for Mrs. Smith to complete a couple of years of self employment and provide of notice of assessments, showing line 150 with the qualifying income.  As long as a couple of years average is enough income, they would qualify mainstream and decrease their mortgage rate.

 

 

Alternative B when you have mortgage arrears

John Jones has an institutional 1st mortgage. He had a low credit score, missed payments because he lost his job. His file went to their solicitor for collection.

He received a demand notice from the solicitor to pay out the 1st mortgage in full.

Mr. Jones has lost his job and it caused him to miss payments. Bank did give him some time to catch up but he was unable to because he could not find a replacement job.

He came to us to discuss what we could do to help him. We had a consultation with him helping us to understand the full story. We explained the solution making the most sense would be to payback the bank all the arrears.

Mortgage Solution

To make this happen we discussed and requested the solicitor to talk with their client. The bank decided to accept the arrears. We arranged an equity take out 2nd for the amount of the total arrears, and to pay off few debts. John’s 1st bank mortgage would remain with the bank at a much lower rate.

EXIT STRATEGY

John ended up with a new job, and we closed a $60,000 equity take out with a monthly payment of $ 650.00. We set John up to refinance his bank 1st mortgage and equity take out within 12 months, when his credit score improved.  This would leave John with one mortgage are payout the more expensive 2nd mortgage.

 The problem

Michael’s attempt to secure a home loan was thwarted when his bank rejected his application. The primary reasons for this denial stemmed from his credit history, which revealed a score of 611 alongside two outstanding collections and a pattern of tardy credit card repayments within the past 24 months. Moreover, his Total Debt Service (TDS) and Gross Debt Service (GDS) ratios exceeded the conventional lending thresholds, adding to the rationale behind the rejection.

Despite Michael’s earnest intention to purchase a property valued at $750,000, his financial profile fell short of the bank’s criteria. However, he remained undeterred as he possessed a 20% down payment sourced from the proceeds of his current home’s sale, underscoring his commitment to homeownership.

 

The Solution

Following the bank’s rejection, we engaged in a consultation with Michael and his spouse, outlining the precise reasons behind the denial. We took the opportunity to introduce them to a viable alternative: the Alternative Institutional B option. With this option, we assured them that their credit situation would not be a barrier, as Alternative B lenders demonstrate a significantly higher tolerance for credit issues.

During our discussion, we elaborated on the calculation methods for Gross Debt Service (GDS) and Total Debt Service (TDS), elucidating how these metrics influenced conventional lending decisions. In contrast, we highlighted how Alternative B lenders boast much more lenient guidelines in this regard, offering Michael and his spouse a glimmer of hope for securing the financing they needed.

 

 
 
Encouraged by our explanation and newfound understanding of their financial options, Michael and his spouse expressed satisfaction and entrusted us to move forward with procuring a mortgage approval. Despite their past credit challenges and high serviceability, they remained optimistic about the possibilities presented by our proposed solution. With their confidence in our expertise and guidance, we embarked on the journey to secure a mortgage approval that aligned with their needs and aspirations.

As a result of our efforts, Michael and his spouse successfully obtained a mortgage approval amounting to $600,000, with a borrowing rate set at 6.25%. Opting for a one-year term, they harbored the expectation that interest rates would decline by the time their term matured. While acknowledging that the rate they secured slightly exceeded what a conventional bank might have offered had their credit and serviceability met the requirements, they were content with the outcome. This approval marked a significant milestone in their journey towards homeownership, affirming the viability of the Alternative B financing solution we had proposed.