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
Bad Credit History 101
you are not alone, and your bad credit history is not all your fault.
managing money isn’t easy, and it’s not something that we ever receive training
collection calls, budgets, and making big payments can be stressful.
even when you pay off your debts, the credit history can follow you for up to 9
it’s hard to find financing for loans, credit cards, or mortgages, if you have a
bad credit history.
there is hope. Home ownership may be the key, and financial freedom is within
Toronto Mortgages for Good People with Bad Credit Histories
credit no longer automatically means ‘no’ or ‘declined.’
credit no longer means only a choice of disreputable lenders with sky-high
with bad credit histories can get offers from some of Canada’s premier lenders.
you hear ‘approved’ from your mortgage
professional, it should
come with good advice on money management, and on maintaining a good credit
freedom can begin with the financing of a home, and some good advice.
Look for Mortgage Professionals Who:
bad credit mortgages in Toronto.
counsel you on credit and mortgage qualifications.
flexibility in financing choices.
you ways to pay-down your mortgage faster.
you how to reduce your debt load and increase your monthly cash flow.
a choice of mortgage options (such as variable or fixed rate mortgages).
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
- 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!