Having bad credit does not necessarily mean that you are unable to successfully apply for a mortgage. A great many Canadians come to Expert Mortgage with poor credit and we have been able to set them up with exactly the type of mortgage that they require.
Expert Mortgage can help secure your first mortgage with ease. Even if your credit history includes bankruptcies we are able to provide you with the tools you need to seek out a brighter future.For the self-employed or recent immigrants who have found difficulty in securing a mortgage that meets your needs – look no further. Expert Mortgage can offer you a first and possible second mortgage. Everyone’s circumstances are unique to them. We understand this and will endeavour to provide the best service to you.
Down payments are a very common requirement for mortgages.They are an even more common obstacle. Most lenders request a 5% down payment in advance from potential homeowners. This is greater should the applicant have poor credit.
The onus is on the applicant to provide proof of income.Unfortunately this is not always easy for self-employed individuals. It is worth noting though that income requirements become less rigid as the down payment amount increases.
The property in question must be in good condition and be considered to have value on the market. This is so that if the borrower defaults the lender can recover any loss incurred. For the borrower living in an urban area this is actually an advantage as the demand for homes is higher.
The quality of an individual’s credit rating for a bad credit mortgage varies greatly. Lenders may require that debts are paid off prior to acceptance. Another common way around bad debt is to provide a down payment of 20% or more of the principle. The Expert Mortgage team will establish your credit situation and provide the best solution for you.