Bad credit mortgages in Canada are a term that is used when someone who has poor credit, bad credit, horrible credit, or no credit applies for a mortgage loan.

Bad credit home loans in Canada are mostly available through alternative lenders and through channels that are not as well known for mortgages. Since banks and many other larger institutional mortgage lenders will only approve the lending of mortgages to individuals who have good credit, great credit, or excellent credit. It is important to understand that even if your credit is not too bad, you could still get turned away by the banks when applying for a mortgage and other mortgage related loans.

If you do have bad credit and need a mortgage loan then there are ways around this issue so it is important to understand how these lenders work and what they can offer you when looking at getting approved for mortgages for bad credit in Canada.

Key Features

Flexible Approval Criteria: Unlike conventional mortgages that require a high credit score, bad credit mortgages take a broader view of your financial situation. Lenders assess various factors, including income, employment stability, and the size of your down payment.

Higher Interest Rates: Due to the increased risk for lenders, bad credit mortgages often come with higher interest rates. However, these rates can vary significantly, Contact us so we can help you find the best deal.

Larger Down Payment: To offset the risk, lenders might require a larger down payment, typically ranging from 20% to 35% of the home’s purchase price. A substantial down payment not only increases your chances of approval but also reduces the overall cost of borrowing.

Shorter Term Options: Some lenders offer shorter-term mortgages for bad credit borrowers.

Our customers have trusted us for years, and now it’s your turn! Contact us today for more information or to apply for a mortgage.