Buying a house is appealing, but do you have the credit needed for a mortgage? More here on bad credit mortgages
You feel that now is the time to buy a home of your own. After many years of living in an apartment (or living with your parents) you know you need a place to call your own and be your own boss.
That’s all well and good…except your credit isn’t exactly the best. And by that, we mean it’s pretty bad.
As you’ve probably discovered, having less than stellar credit can affect how you buy things and how you’re approved for loans. This includes getting a mortgage loan to buy a house.
You might be asking yourself, “Can I get a mortgage with bad credit in Canada?” Even though all might seem hopeless, fear not. This article will show you what you need to know about how you may be able to buy a house even with bad credit. Read on to learn more!
Can I Get a Mortgage With Bad Credit in Canada? Yes!
If you’ve been looking at places like your bank to give you a mortgage, you were probably not too surprised that they turned you down.
Most lenders rely on a good credit score to see how reliable you are in paying back your loans, and they’re afraid to take a chance on you.
That being said, there are plenty of other locations to choose from to get the money you need. In fact, it’s a lot easier than you may think.
20 Percent Down is the Key
Even though bad credit mortgage lenders specialize in cases like yours, they still need to see some sort of effort on your behalf. Usually, that means paying a nice portion of the actual home costs out of your own pockets.
Most lenders would say that paying around 20 percent down is a great way to go. Not only will that show your willingness to work with mortgage companies, but it also frees you up from paying back that amount with interest in the future.
Repay Your Way
One of the best things about getting a bad credit mortgage is that you get to pay back your way. Bad credit mortgage lenders know how to deal with cases like yours, and they offer plenty of options to work with you.
For example, some companies allow you to consolidate your previous loans into one monthly payment along with your mortgage payment. You can also amortize repayments over a longer period to lower your monthly payments, and may receive lower rates and interest.
Now that you know it’s completely possible to get the loan you need to buy a house, You need to go to top-notch bad credit lenders such as Captain Cash to get the help that you need. Here’s to your happy home!
Keeping You Up to Date
Now that you know the answer to the question “Can I get a mortgage with bad credit in Canada,” you’re ready to move out of you’re old stomping grounds and get into the home of your dreams.
But there’s more you need to know to get the most success out of your life – and we can help you with that.
At Bizfluent, we know how to help you map out the plans to get the most out of your life. We offer articles on market research, funding and financing, key aspects of management, and more. We even have plenty of documents to help sort out everything you need.
Ready to get to the next level? Simply click on any of the tabs on our site to begin. We know you’re going to like what you see.
