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Securing a Mortgage with Bad Credit in Ajax

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Many people with bad credit wonder if it is still possible to secure a mortgage. Residents in Ajax and around the GTA who have accumulated a history of bad credit still have opportunities to secure a mortgage and own a home. The term bad credit is one that can follow people around for 7 to 10 years, depending on the type of default. Some private lenders understand that this designation can sometimes be unjust, offering mortgages to higher risk clients than typical banks. Most mainstream lenders won’t even consider a person until they have been discharged from bankruptcy for over two years. In order to secure a mortgage, you will need to show stable employment and fully provable income. If you’re in a situation where you cannot wait the two years or have not re-established your credit score, but are still looking to secure a mortgage, a mortgage specialist can help assess your current situation to find a mortgage solution that best suits you.
 

How Credit Scores Work

 
Your credit score is a reflection of your credit report, which contains a history of how you’ve paid your bills and the amount of credit available to your name. Your credit report serves as a snapshot of your credit history, which lenders can use to decide whether or not to give you credit. Your credit file is created the first time you borrow money or apply for credit. Your credit score boils down all of that information to a three-digit number, used as a measure of your financial health. The higher your credit score, the lower risk you are to the lender, and the more likely you are to be approved for credit. Your credit score can also help determine the amount of interest you pay. Consumers can view their credit score from credit reporting and monitoring agencies for a small fee.
 

What Does Bad Credit Mean for You?

 
To the lender, a person with bad credit represents a higher risk to default on the repayment of the loan. The cost of borrowing will rise as the potential risk rises. In the past, having bad credit made it very difficult to obtain a mortgage, since big banks and financial institutions are known to be strict in their qualifications process. However, today there are more private lenders willing to finance higher risk and ratio mortgages, giving people with bad credit a chance to own a home.
 
Bad credit isn’t something that has to haunt you for years to come. No matter the current state of your credit, a mortgage specialist can help get you on the right track to re-establishing your credit score and securing a mortgage solution that works best for you. For those people with bad credit seeking a mortgage in Ajax or surrounding areas in the GTA, private lenders may be the solution that you’re looking for. Take control of your financial situation and contact a mortgage specialist today to find out how much credit you are eligible for. 

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