Mortgages for Good or Bad Credit in Ontario
No matter your credit or income situation, we find a mortgage product that fits your needs.
Banks and traditional lenders like to decline clients that have bad or bruised credit but at Canadalend it's a non-issue.
We all know bad things can happen to good people. You may get ill, lose your job, or even miss a payment or two over the years you try to build your credit. We understand that life can happen, and when it does, Canadalend is here to help.
Whether you're looking to take out a second mortgage or refinance your current one, our bad credit experts can help. At Canadalend, we know that better rates are just a renewal away for you - the banks consider you a high risk, but we feel that home equity is more important than credit score or reportable income.
How we can help:
Eliminate CRA arrears
Pay off bills
Tuition and educational expenses
Business ventures and investments
Stop Power of Sale
Consumer proposals or bankruptcy
Commercial and Industrial mortgages
An introduction to credit
With credit we’re talking about the score lenders give you based on how well you’ve paid your debts and bills in the past. Canada’s biggest credit bureaus are Equifax and TransUnion.
If your history suggests you don’t have a track record of paying back credit, you have to build it up over time, which lets you get a cheaper mortgage.
This is why it’s common to get a mortgage with a bad credit lender with a relatively high interest rate, before refinancing once you’ve proven that you pay your debts.
While you build up your credit, we’re here to help you get the lowest rates available.
Improving your credit score
If you’d like to improve your credit before getting a mortgage, we’d recommend never paying your bills late, staying within your credit limit, and only applying for credit infrequently – if you apply for multiple credit cards all it looks like you’re desperate for cash, which can harm your score.
The Canadalend advantage covers all your financial needs!
Why should you choose Canadalend.com over the country's Big Banks? Simply put, the experts at Canadalend have access to a much larger pool banks, alternative, and private lenders. This allows us to find the best possible product at the best possible rate for your unique situation – unlike banks and traditional lenders who can only sell you their specific products.
At Canadalend.com we are dedicated to 5 star customer service. Get in touch with us and a lending specialist will help set up an appointment for a free personal consultation. We will help you review your mortgage options and find the solution that fits your needs!