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Bad Credit Mortgage Lenders in Brampton

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No one likes to hear that they have bad credit. Mortgage lenders in Brampton understand that people may want to own a home while still in the process of re-establishing good credit. Most banks and other large financial institutions are tightening their qualification standards, making it more difficult for people with subpar credit to be approved for mortgage loans. There are private lenders who are willing to help. These private lenders specialize in helping people with tainted credit histories secure loans and become homebuyers. Perhaps you are just getting out of a tight situation or an unforeseeable event that jeopardized your good credit. Contacting a mortgage specialist can help you secure the right type of financing and get you on the right track to owning a home. Most people aren’t aware of the state of their credit history until they have been denied credit of some sort. Understanding your credit score and credit report is the first step in re-establishing a good repayment history.

What Does it Mean to Have "Bad Credit”?

A person’s credit report is summarized into a three-digit number that gives lenders a quick understanding of the borrower’s current financial standing and ability to repay debts. The higher a person’s credit score is, the better their propensity to repay the loan, making the loan a less risky investment for the lender. Sometimes, people with bad credit are able to secure mortgages, albeit at higher interest rates. This is done to compensate for the risk of defaulting on the payment schedule. A person who has declared bankruptcy must be discharged for at least two years and usually is forced to put down a hefty down payment, in order to secure the home.  

How Can I Learn About My Credit Score?

When you apply for credit, be it a loan or some type of credit card, a credit file is created in your name. This credit file is stored along with the credit histories of millions of other people and maintained by one of Canada’s major credit reporting agencies: Equifax Canada or TransUnion Canada. You can choose to view your credit report online or have it mailed to your home. Obtaining your credit report via mail does not allow you the option to view your credit score, which for some people may be the sole purpose for reviewing the report. This option is free of charge and can take some time to receive. You can also view your credit report online, which allows you to receive your credit score. Though this option is nearly instantaneous and more convenient, there is usually a fee associated with checking your credit report online.
Whether you’re coming out of a tight spot or simply are not in a situation where you can wait to re-establish good credit, contacting a mortgage specialist can help you secure a mortgage that fits your current financial standing. Even if you have bad credit, it is possible to get a mortgage in Brampton. Contact a mortgage specialist today to review your financial situation and determine how much credit you can be approved for. 


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