Qualify for a mortgage with bad credit
What if my credit is excellent?
We will qualify you for all types of mortgages including the following:
Credit issues we will deal with:
- Discharged bankruptcies
- Paid or unpaid consumer proposals
- Paid or unpaid collections
- Current and past late payments
- Written off debts
- Auto repossessions
- High debt use
- Too many inquiries
- No credit
- No established credit
- and others
What documents will I need to provide to be approved?
Income documents including recent pay slip, employment letter will be required. In some situations you may need recent bank statements that show your payroll direct deposit. Other documents such as T4’s, T5’s, or T4A’s may also be necessary. If you are self employed you may be asked to provide 3 to 6 months business bank statements. This will help a lender to support the qualifying income.
Appraisal is a requirement for mortgages with 20% down payment or more. Once you are approved we will order the appraisal for you, and it is the only upfront cost you will have.
Identification documents are required. Generally 2 pieces with one having a picture ID. Health cards are not recognized as legal ID even though they are issued by the government. Valid passport, driver’s license, birth certificate, and credit cards are the more common one to use.
Alternative or B Mortgage Solutions
If you have been turned down, Call us or apply on line now.
Foreclosure Bad Credit Mortgages – we can save your home
Our Bad credit mortgage rates
Rates below represent a rate range of pricing for alternative B side mortgages. The actual rate you are given will be determined by the lender when they assess the risk factor of your application. The general rule is, the rate is lower with higher credit scores. Scores that are in the low to mid 500’s are priced at the higher rate range. Also note that maximum amortization is 30 years. Terms are often 1, 2, and 3 years. Some lenders may offer 5 year term also. As part of the pricing, alternative B lenders ( institutional) levy a 1% lender fee which is deducted from the advance at time of funding. It is also common to have a broker fee charged on these type of mortgages. The amount will usually depend on the difficulty of your mortgage and the time taken to place your mortgage successfully.