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Getting Approved for a Bad Credit Mortgage Loan in Ottawa

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A bad credit mortgage is a financial solution designed specifically to help people with credit issues to purchase a home or refinance their home to pay off other debts. A bad credit mortgage can give Ottawa residents the financial flexibility necessary to buy a home, fund a large-scale renovation, or even send their kids to school. Though prime lenders and big banks generally see people with bad credit as a risky investment, there are private companies that provide competitive mortgage products willing to lend a hand. Many of these companies specialize in helping people who are still in the process of re-establishing their credit. It is possible for people with bad credit to become first time homebuyers or take advantage of the equity they have already built up in the pre-existing home through refinancing. Bad credit mortgages give people the financial freedom to move forward with their life and purchase or refinance their home.
 

How Can Bad Credit Affect Me?

 
Most people are unaware about the status of their credit report until there is an issue to report. It is important to stay on top of your credit history to understand where you stand financially. Prospective homeowners can learn more about the state of the credit by obtaining a credit report either via mail or online through one of Canada’s major credit reporting agencies. Your credit report shows a brief snapshot of your financial standing, repayment history, and available credit. All of these things affect your credit score and play an important role when lenders decide whether or not to approve you for a loan agreement.
 
Having bad credit can affect your ability to finance large-scale purchase such as buying a home, owning a car, or even obtaining a new credit card. Even if you have tarnished your credit rating, you can re-establish a good credit score by showing a good repayment history over a few years. Bad decisions and defaults can have implications on your credit for many years to come, up to 10 years depending on the type of loan. For those people with bad credit, it can be incredibly difficult to be approved by a bank for a mortgage.
 
Private lenders have stepped in to fill the void left by banks and other large financial institutions that have tightened up their lending standards. By offering competitive mortgage products, these private lenders offer an alternative solution for people that have been denied by their bank. Private lenders are also a great alternative for people looking to "flip” properties or for those properties that require extensive home renovations. These fixer-upper type properties may be hard to secure a mortgage for from a bank; whereas private lenders may be more willing to approve your application.
 
If you have bad credit and are looking to secure a mortgage or refinance your Ottawa home, seeking the help of a mortgage specialist is a great way to start. Hiring a mortgage specialist can help save you time and money, while giving you the best chance to get approved for you mortgage loan. 

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