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You Can Still Get a Mortgage With Bad Credit!

Posted by Ontario on October 6, 2015 in Finance, oakville ontario, Oakville Ontario Services with No Comments

mortgage lender Oakville, Milton, Mississauga, BurlingtonBad Credit Doesn’t Have to Stand in the Way of You Getting a Mortgage!

If you’ve got credit that’s less than stellar, you probably think you’ll never get approved for a mortgage, right? Well, you’re in luck, because there are still ways to get a “YES” stamp on your mortgage application, even if you’ve suffered poor credit in your financial life!

Dealing with Typical Lenders is Not Your Best Choice if You Have Bad Credit

OBad Credit Mortgage Miltonf course, typical lenders – like big banks – will more than likely reject your application if your credit score isn’t adequate in their eyes. Lenders will look at your credit score to determine whether or not they will approve you when you apply for a mortgage. While various lenders have their own set of requirements, bad credit is one of the most common factors that will affect a lender’s mortgage approval. This can make finding a mortgage lender Oakville, Milton, Mississauga, Burlington and other areas of Greater Toronto – Greater Hamilton more difficult.

In addition to your credit score, lenders will look at a variety of different factors relating to your financial strength, including your:

  • Housing expense ratio (which should be no more than 32% of your gross income)
  • Co-borrowers
  • Investments
  • Stocks
  • Vehicles
  • Income history
  • Value of your home (if you own one and are looking to refinance or buy a more expensive home)
  • Amount of debt (cars, credit cards, current mortgage, student loans, child care, etc)
  • Debt to income ratio (which should be no more than 44%)bad credit mortgage Toronto

Let the Experts in Bad Credit Mortgages Help You Get Approved!

Rather than go the typical route of approaching traditional mortgage lender, why not take a better way and deal with an independent mortgage broker who knows exactly who to talk to in order for you to increase your chances of a mortgage approval, even with bad credit? Marcelle Tiqui is a mortgage agent who has plenty of experience getting a bad credit mortgage for those who have struggled with their financial past.

Marcelle has access to hundreds of lenders across Canada, who offer a variety of mortgage products for special situations just like yours. She is well versed in the criteria that different lenders have, and can use this knowledge to help you get approved for a mortgage. Even if you’ve been turned down by the banks, you can still get a bad credit mortgage in Ontario with the help of Marcelle Tiqui. She can also help you with home equity loans – to pay down high interest credit card debt, or mortgage refinancing. Call her at (905) 208-7070 or visit her website: www.marcelletiqui.com. Get your mortgage now- while rates are still low!


How a Mortgage Broker Can Help You With a Bad Credit Mortgage Alberta

Posted by samanthas on November 8, 2012 in Home Living Tips with No Comments

Got Turned Down For a Mortgage?

Buying a house is a big deal, and is most likely the biggest investment you’ll ever make in your lifetime. As such, you’ll most likely need assistance in making this large purchase by getting a mortgage. However, you may find that getting approved for a mortgage has proved to be very challenging, especially if you have bad credit.

If you’ve been declined for a mortgage because of your poor credit history, you may need to consider alternatives to conventional big lenders such as banks and credit unions who usually have very stringent stipulations and criteria for their borrowers. Luckily, there are lenders out there who deal specifically with bad credit mortgage situations in Alberta, Ontario and other Canadian provinces.

A bad credit mortgage is a mortgage that is given by a lender to a borrower with poor credit. While most banks and credit unions will most likely turn down borrowers with a poor financial history, a bad credit mortgage given in alternative situations can help borrowers get approved for a mortgage while improving their credit scores at the same time.

Get a Professional Mortgage Broker on Your Side

In order to find these lenders, it is necessary to have a professional and independent mortgage broker to help you. Mortgage brokers have a wide contact list of all different types of lenders who deal with a variety of types of mortgages and borrowers, including those with a bad credit history.

For many home buyer hopefuls, a bad credit mortgage Alberta may be the only option and hope of getting approved for a mortgage. When you work with an independent mortgage broker, you’ll be maximizing your chances of getting the best rates possible, as well as a package with reasonable terms that you can work with.

Jim Black, AMP, is a professional independent mortgage broker who has helped countless home buyers in Alberta with poor credit get approved for a mortgage, even after they had originally been turned down by other major lenders. Jim and his award winning team at www.MortgageLoansAlberta.ca can help you too. Call their team today at (877) 394-9422 and let them help you get approved for a mortgage, while simultaneously improving your credit score! If you are in Ontario, call the experts at www.MortgageMedics.ca.  Award winning Claire Drage and her team of experts can help you in the Greater Toronto area or other parts of Ontario.  You can reach them at (289) 837-1518.


Buy a Home in Toronto – Even with with Bad Credit!

Posted by samanthas on June 15, 2012 in Home Living Tips with No Comments

Owning property is something that many people dream about and strive for in Canada. Buying a house can be a wonderful way to award yourself after years of hard work and late evenings at the office. Unfortunately, many people cannot qualify for a mortgage because of bad credit and no savings. Sandstone Management has a neat way to make things easier for you – the option of a rent to own home.

With tighter mortgage restrictions in place, getting a bad credit mortgage to buy a house by can be very tricky if you have a bad credit rating or have nearly no savings. Luckily, rent to own is a great solution where a tenant rents a property with the intention to buy it at a pre-determined price at some point in the future. In contrast to just paying rent, a certain amount from each month’s rent goes towards building equity for your downpayment. This way, you can get into a house with a smaller down payment – usually around 5%.

The friendly experts at Sandstone sit down with you and discuss your financial situation and determine how much you can afford to comfortably pay each month.  You then get to shop for a home in your price range.  They will negotiate the price of the home, check it for structural soundness, defects, fair value and more.  You get to move in right away and can decorate or make upgrades to the home.  The future purchase price of the house will be fixed upon signing the rent to own agreement.

You make your regular monthly lease payments on time, and they help you to rebuild your credit. Rent to own is a great way to get your credit into a better shape so that you could apply for a loan later on. Once your lease period is over, they help you find a mortgage lender. If the market price of the house goes up during the lease period, you will gain from the appreciation – since you are buying it for a pre-set price.  So you can build equity in 2 ways before you even own the home: real estate appreciation and monthly installment payments.

Sandstone Management experts help you to find the best possible solution for rent to own homes in Toronto. You can choose your dream house and move in right away, while you build or repair your credit.