Bad Credit Mortgage

In Canada, getting approvals of mortgage loans has indeed become a challenging task considering the changes in mortgage rules and regulations. For those Canadians who have a low or bad credit score, getting a mortgage becomes even more difficult. The borrower’s credit score or credit history is one of the most important things that a bank or traditional lending institution looks at before granting a mortgage. The credit history of a borrower determines his/her ability to repay the loan. What if you have a bad credit history or poor credit score? You can still get a mortgage loan from lenders in Canada but the interest rate would be significantly higher. A bad credit mortgage is a loan that is given to individuals with poor or bad credit scores. Bad credit mortgages are usually given by alternative lenders and not by traditional lenders since they prefer individuals having a good credit score.

Do you require a bad credit mortgage? Ramanjit Singh is one of the leading Mortgage Agents in the market. At Ramanjit Singh, we understand that your finances are bad. This is the reason why we work with private and alternative lenders rather than banks and traditional financial institutions. Our bad credit mortgage lenders rely on the value of your property rather than your credit score. This makes mortgage approvals easy and hassle-free even if you have a bad credit history.

Why choose Ramanjit Singh as your broker for a bad credit mortgage?

Even though banks consider you as a high-risk borrower, Ramanjit Singh makes sure that you get a bad credit mortgage at the best possible interest rate.
Through Ramanjit Singh, you get access to a pool of lenders who are known for bad credit mortgages.
At Ramanjit Singh, we are committed to arranging the finances for you at a low interest rate as quickly as possible.
All lenders are not the same. At Ramanjit Singh, we connect you to the best lenders where the chances of your loan approval are the maximum.
At Ramanjit Singh, there are no hidden charges or upfront charges. We only receive a commission from the lender once your bad credit mortgage loan is approved.
At Ramanjit Singh, we negotiate on your behalf as you are a valuable customer. We act in your support.

What do lenders consider before a bad credit mortgage approval?

A credit score of less than 650 is considered to be bad or poor. However, private lenders don’t just take into consideration the credit score. They have a look at your sources of income, monthly earnings, down payment size that you are going to make, existing debts, and debt collections.

What should you do to fix a bad credit score?

In order to fix a bad credit score, you need to ensure that there are no loan defaults. You must start paying your credit card and utility bills on time. Keep a check on your credit report regularly and see which accounts that are negatively affecting your credit score. Try clearing most of your debts. Avoiding applying for more credit cards and loans.

Can making a higher down payment increase the chances of getting a mortgage?

If you have a bad credit history, a larger down payment can make the lenders more comfortable and increase the chances of your mortgage approval. A bigger amount as down payment means less risk for the lenders.

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Home Equity Line of Credit

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