Bad Credit Mortgages in Toronto – You’re Approved!

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Bad Credit Mortgages for Toronto Homebuyers

 
Managing money isn’t easy. Money management isn’t taught in grade schools. There are differing opinions about what you should do, and it’s hard to know who to trust. It’s not surprising then that Canadians shouldered $508 billion dollars of non-mortgage debt in 2013. That’s about $14,448.24 per Canadian; and the delinquency rate (debt which is over 90 days past due) was at 1.12% in 2013 (representing about 393,972 Canadians).
 
Despite these facts, you should take confidence in the fact that bad credit mortgages in Toronto can still be had ­– with the help of a lending professional and some work on your part.
 

Bad Credit History 101

  • First, you are not alone, and your bad credit history is not all your fault.
  • Second, managing money isn’t easy, and it’s not something that we ever receive training for.
  • Third, collection calls, budgets, and making big payments can be stressful.
  • Fourth, even when you pay off your debts, the credit history can follow you for up to 9 years.
  • Fifth, it’s hard to find financing for loans, credit cards, or mortgages, if you have a bad credit history.
  • Sixth, there is hope. Home ownership may be the key, and financial freedom is within your reach.

Toronto Mortgages for Good People with Bad Credit Histories

  • Bad credit no longer automatically means ‘no’ or ‘declined.’
  • Bad credit no longer means only a choice of disreputable lenders with sky-high prices.
  • Torontonians with bad credit histories can get offers from some of Canada’s premier lenders.
  • When you hear ‘approved’ from your mortgage professional, it should come with good advice on money management, and on maintaining a good credit history.
  • Financial freedom can begin with the financing of a home, and some good advice.

Look for Mortgage Professionals Who:

  • Offer bad credit mortgages in Toronto.
  • Offer competitive rates.
  • Will counsel you on credit and mortgage qualifications.
  • Provide flexibility in financing choices.
  • Show you ways to pay-down your mortgage faster.
  • Show you how to reduce your debt load and increase your monthly cash flow.
  • Offer a choice of mortgage options (such as variable or fixed rate mortgages).
  • Have a long list of financers available to give you more choice, and sometimes competition for your residential mortgage, even if you are self-employed.

A Mortgage Broker’s Checklist: (Why Mortgage Lenders Ask About Certain Things)

  • Age – Lenders want to estimate your number of working years.
  • Debts – A lender must consider all debts against your household income.
  • Household Income – This determines the size of mortgage your income can carry.
  • Employment Status – Lenders want to estimate the likelihood of you maintaining your job and level of income.
  • Marital Status – Two incomes are usually larger than one (and maybe married couples are more stable clients).
  • Current Address – Lenders form an opinion based on where you live and for how long you have lived there. It also lets them estimate the ‘cost of living’ you are used to.
  • The property you plan to finance – This allows the lender to see how much mortgage the property can carry.
If you’re a Toronto homebuyer with bad credit, a first rate mortgage professional will know how to ‘package’ your situation for approval and find a low interest rate mortgage for you!

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