Bruised or Damaged Credit
Has your credit suffered lately?
There are many reasons why your credit score may not be as high as you would like it to be. This may be due to divorce, illness, job loss or poor financial information. We at 911 Mortgage Brokers – The Mortgage Centre, know it can be hard to recover from bruised credit. While it may be discouraging to find out your credit score may impact your eligibility for a mortgage, we are here to offer non-judgmental and confidential financial advice to help you, as well as alternative mortgage options to help you succeed in your homeownership goals.
At 911 Mortgage Brokers – The Mortgage Centre, You Are Not Just a Credit Score
Here at 911 Mortgage Brokers – The Mortgage Centre, we know that a number does NOT define a person. We take more of a wholesome approach and we take into consideration all factors of your personal and financial situation, not just your credit score.
Our mission here at 911 Mortgage Brokers – The Mortgage Centre, is to provide financing options to all home buyers and home owners, regardless of their age, income, or credit score. We understand that there are difficult situations that arise in life which can wreak havoc causing a person’s financial situation to be disrupted resulting in a less than a stellar credit report.
Our 911 Mortgage Brokers have the knowledge and expertise to help you through the process of obtaining a mortgage, by using a common sense approach.
Can I get a mortgage with bruised credit?
Having bruised credit can be a big roadblock when it comes to securing a mortgage and buying a house. But it doesn’t mean it’s totally impossible.
There are steps you can take to improve your chances of buying a home and securing a mortgage when your credit score is not ideal, making your home buying aspirations not so far out of reach.
Challenges of Buying A Home with Poor Credit
Credit history is a considerable factor in the mortgage approval process as lenders typically prefer lending to borrowers they deem low risk who are less likely to default on mortgage payments. Therefore, having bruised credit can often stand in the way of homeownership.
Here are a few of the main challenges of purchasing a home with poor credit history. Our 911 Mortgage Brokers and Agents will help you overcome these challenges.
Lenders Are More Reluctant to Give You A Mortgage
When deciding whether or not you qualify for a loan, mortgage lenders look at a variety of factors, but your credit score is one of the most significant influences.
If your credit score is below 620 and/or you have recently filed for bankruptcy or a consumer proposal, your risk of being denied for a mortgage is much higher than those with a strong credit history.
Fortunately, here at 911 Mortgage Brokers – The Mortgage Centre, we work with both traditional and alternative lenders which allow us to provide you with a wide array of options regardless of your credit score, history or credit standing.
Higher Interest Rates
While people with higher credit scores – 720 or higher – often get lower interest rates and more favourable terms on a loan, those with bruised credit are automatically perceived to be a higher risk. And if they are able to get a loan, they more often than not end up paying higher interest rates and receive less appealing mortgage terms.
Luckily, we have long standing relationships with our lenders, which mean that we can negotiate lower interest rates and better mortgage terms for you. This is one of the benefits of working with an experienced mortgage broker. Remember that we work for you, not for the bank.
Factors Lenders Consider When Approving A Mortgage
Lenders will consider any of the following factors when reviewing your mortgage application:
- Credit history
- Collateral
- Employment history
- Debt-to-income ratio
- The size of your down payment
- Capital – savings, investments, and other assets that can help repay the loan
The factors above can be described in a black and white mortgage application form; however our 911 Mortgage Brokers take a common sense approach. We understand that there are difficult situations in life that can wreak havoc in a person’s financial life. So, whether it was an illness, a divorce, or unexpected expenses that set you back, we present your application to our lenders in the best possible light. Our lenders understand these situations and therefore provide financing options which otherwise would not be available through banks.
How 911 Mortgage Brokers Can Help
If your mortgage has been denied/rejected/declined/canceled by your bank because of bruised or damaged credit, you may already be in despair. We know that getting approved for a mortgage with bruised or damaged credit is not a walk in the park.
However, this is where an experienced mortgage broker comes in and can make all the difference. Our 911 Mortgage Brokers are known for providing out-of-the-box creative mortgage solutions. We have the expertise and know-how to help home buyers and home owners with all kinds of credit, including home buyers and home owners with bruised or damaged credit.
How we can help home buyers with bruised or damaged credit obtain a mortgage
If you are a home buyer, our 911 Mortgage Brokers and Agents can help make your home buying dreams a reality, even if you have bruised credit.
Contrary to popular belief, homeownership is a possibility for those with bad credit as long as you remain committed to improving your credit score and getting yourself back on track.
We will help you gain a better understanding of your financial and credit history and help you devise a strategy so you can work towards making improvements, qualify for a mortgage, and get one step closer toward reaching your goal of becoming a homeowner.
Click Here to read the article Tips for Securing A Mortgage with Bruised Credit.
How we can help home owners with bruised or damaged credit obtain a mortgage
If you are already a homeowner and your bank has denied a mortgage renewal or line of credit because of bruised or damaged credit, contact us. Whether it is a mortgage for home purchase, a mortgage renewal, a refinance, a home equity loan, a home equity line of credit, a second mortgage or a private mortgage, we have the tools and knowledge to secure a mortgage solution for you.
Because we work with a large pool of lenders nationwide including traditional Banks, Credit Unions, Alternative Mortgage Lenders, Mortgage Investment Corporations, and Private Lenders, we can explore a wide array of mortgage solutions for you.
Call Us Today at 289-318-0911 or Toll Free at 1-888-377-0911 for a free confidential consultation to discuss your options.
Our Service Areas
911 Mortgage Brokers – The Mortgage Centre offers services to clients across Toronto and the GTA, Vaughan, King, Aurora, Stouffville, Newmarket, Markham, Richmond Hill, Barrie, Innisfil, Orillia, Collingwood, Oshawa, Ajax, Whitby, Mississauga, Brampton, Caledon, Burlington, Oakville, Milton, Bolton, Hamilton, St. Catherines, Niagara Falls, Windsor, Kitchener, Waterloo, London, as well as far as Muskoka cottage country, Ottawa, Simcoe, and the rest of Ontario.
