Your first point of contact for bad credit mortgage in Toronto
Ironically, most Canadian households suffer from bad credit scores leading to denial from further loans. This can be due to late payments on existing loans or dues, as well as paying penalties when anyone is not able to make payments, resulting in a negative hit on credit scores. And as a working professional, you would already know how important your credit score. If it’s too low, you would not be eligible for any more loans from any traditional institutions. Not to worry though, our team at One Mortgage Group is here to help. We offer creative solutions for anyone who is facing loan problems. Schedule an appointment with us today and discuss your credit score issues with us. Our mortgage services are available to clients across Toronto.
Even when the banks say no, We say Yes!
The mortgage policies in Canada have recently been updated making it very hard for Canadians to secure a mortgage or a general loan. Not a good or a great one, but you would need to have an excellent credit score to get your mortgage application approved. This is where bad credit mortgages come into play where you can connect with an alternative or private lender (also known as a B-lender) to secure the funds you need.
Our team One Mortgage group specializes in approving bad credit mortgages in quick time, so you get access to the funds when you need them. We understand that sometimes in life you deal with bad cards which end up with you in bad financial conditions. Your credit score dips below an acceptable level and you’re turned away by traditional lenders. The team of professional and experienced mortgage brokers is here to support you and resolve your financial issues.
You can schedule a call with us right now, and we can sit down and discuss your mortgage requirements. Our team can advise you on which type of plan would help you quickly get out of this situation. Contact us today, we serve clients across Toronto.
Qualify for a bad credit mortgage with ease
Even if you have a bad credit score, if you can follow the few simple steps below, you would be able to qualify for a bad credit mortgage without any hassle. Have a look:
- A large down payment: Even if you have a bad credit score, if you can put down at least 15-20% of the down payment, you would be eligible for a bad credit mortgage. Putting down more on downpayment would instill more confidence in the lender to lend you the funds you need.
- Monthly income proofs: Many mortgage lenders calculate the Gross Debt Service Ratio and Total Debt Service Ratio to calculate if you can make your repayments on time. If they are less than 30%, you would be able to secure a mortgage on a bad credit score.
- Co-sign the paperwork: If you can co-sign the mortgage application by a family member, or a friend or a business partner, the mortgage lender would be more comfortable in processing the loan. This would only be the case if the co-signor has a better credit score.
- Cross Colletarization: If you’re not able to make a large down payment or are looking for a high LTV ratio, you can consider adding a second property or even a friend’s or family member’s property as cross-collateralization. This decreases the risk for the lender by decreasing the combined LTV. It may also allow you to put down a lower down payment and will help you get a lower mortgage interest rate with better terms.
If you have queries, feel free to get in touch with us at our office in Toronto. One Mortgage Group is your one-stop-shop for all your mortgage needs, hire us today!
Let us help you rebuild your credit score
Our team will only not stop after helping your process the loan and get your funds. We will help you rebuild your credit score as well. We are experts in creating customized plans so you don’t have to pay more on interest rates and will be able to make your monthly payments with savings. Take advantage of our mortgage services today, contact One Mortgage Group now!
At One Mortgage Group, our mission is to set a high standard in the mortgage industry. We are committed to quality customer service - putting the people we serve first.
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