Canadian Mortgage Services



    Bad Credit Mortgage Brampton

    Solutions for bad credit mortgages in Brampton

    Encountering credit issues is not an uncommon problem and many Canadians will face this at some point in their lives. It could be due to a job loss, illness, or simply a lack of credit. If your credit is not in good shape, it can take some time to recover. In the meantime, it can make applying for a mortgage with bad credit extremely difficult.
    For Canadians, your credit score is a number between 300 and 900 and lets lenders know how you have managed with credit in the past. (The higher your credit score the better). In order to be approved for a mortgage, banks, credit unions and default insurers will look for a credit score of over 600.

    If your credit score is not at this level, there is still hope for securing a mortgage. Canadian Mortgage Services can help you find a reputable alternative lender (B lenders) and private lenders that can offer options for bad credit mortgages in Brampton.

    How to find out if you have bad credit
    Many financial scenarios can affect your credit score, such as having too much debt, declaring bankruptcy, and missing bill payments. All of these situations can bring down your credit score. Before you explore your options for a bad credit mortgage, it is in your best interest to find out what your credit score is. TransUnion and Equifax are credit bureau services you can use to pull your credit score, for a small fee.

    What your credit score will mean when applying for a mortgage

    When you find out your credit score, here is what your score will translate to when it comes to applying for a mortgage:

    • Credit score of 600 or more: This is what Canadian Banks and default insurers look for when approving mortgages. However, you should ideally aim for over 650 in most cases.
    • Credit score of 500 or more: At this credit score level, many Alternative Lenders will approve you for a mortgage, with some additional information and contingencies.
    • Credit score below 500: If your credit score sits below 500, you will likely need to seek out options through a reputable private bad credit mortgage lender.

    How to get a bad credit mortgage approval in Brampton
    If you have bad credit but are looking to get approved for a mortgage, there are options available. We are able to get you in touch with alternative lenders who can approve bad credit mortgages, especially if you have at least a 20% down payment.
    Private lenders do not require a credit score, so if you have a low credit score this can provide you with loan options. Private lenders will appraise the home based on its estimated selling price and evaluate debts on the property. If your mortgage falls into arrears, this will ensure that they will get their money back.

    The downside to working with alternative and private lenders is that you will usually need a higher percentage for your down payment and you will be charged a higher mortgage rate. However, for those with bad credit scores who will not be able to get a mortgage from the banks, this is a reasonable alternative.

    We can be your mortgage guide
    If you are ready to get a mortgage in Brampton, Canadian Mortgage Services is here to help. We know that the process of trying to get a mortgage can be confusing and intimidating, but our team has the experience to expertly guide you through this process.

    In addition to finding you the right mortgage, we also provide information and resources to help you make the right decision. We will take our time going through all of your options so that you will never feel rushed into making a decision. As your mortgage helper, we will assist you in finding the best solution, every time. Contact us today!

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