Bad credit home loans in Canada

Lowest Rate even if you have bad credit. Financing for people with lousy credit is our specialty!

It is important to own your home.  Likewise, to have the lowest rate possible is important too.  We are 100% committed to providing you the best lowest rate in the market.  Using our service, you guarantee yourself you will never pay more than you have to based on your circumstances.   See all our rates here

 Lowest Mortgage Refinancing Rates!

Already a homeowner?  Refinance and lower  your rate,  consolidate, consumer debts or blend your 1st and 2nd mortgages.

Not happy with your current Lender?  Let us transfer or switch your mortgage.

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 how much you can afford, what your monthly payments is, and we start the process and work along your real estate agent to ensure your home buying experience is without stress and hassle free.

Pre approval?  Qualify now with good or bad credit  »Apply now

How to check your credit score for a mortgage in Canada

Looking for a mortgage but not sure what your credit score is? We encourage borrowers to find out what their credit score is before contacting us. There are several options available for you. Your own bank might have an online capability to do what is called as “soft pull”. This will give your credit score but will not be reported on your credit file.

You may also visit the one of the websites list below. Equifax and Transunion are the reporting agencies and you are able to obtain your consumer report. Creditkarma is a credit score service which is free of charge. It will provide you with an approximate credit score.

If you know your credit score and are able to tell us in advance, it would help us provide you with a more detailed and accurate evaluation of what mortgage options are available to you.  However, when we proceed with your file, most mortgage brokers will use Equifax to full your credit.  This report is more detailed and provided for complete history of your re payment status, and habits.

Creditkarma.ca
Equifax.ca
Transunion.ca

Getting a mortgage when  you are self employed

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 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.

John 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.

John 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.

Testimonials

TESTIMONALS 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.

Finally, the bank suggested to go to a broker. I COULD NOT BELIEVE THIS WAS HAPPENING TO US!!! In addition, 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. In conclusion, 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. In conclusion, 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. Therefore, 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. In addition we always get disappointment answers from the bank and Lenders. …. First, he is a person who cares for you with all his heart and he never stops until he finds an answer for you. Secondly, 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.

“ Above all, your attention to the details of this home loan has been superior. Therefore, 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. Therefore, this note is to show respect and voice our appreciation.” Lastly, This has put my heart at rest. Thank you. Tracy and Arthur

TESTIMONIAL 4

Mortgage Arrears

Thank you for helping in restoring my mortgage. In conclusion, you found a way to pay off the arrears, pay property taxes, and provide extra funds, despite our credit score. Therefore, I enjoyed working with you. Above all, your service is impeccable and professional. In conclusion, 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.

Insert here