Bad Credit Mortgage in Mississauga
eMortgage Solutions is Mississauga’s specialist in bad credit mortgages. We are an industry-leading brokerage firm that helps people find the best mortgage for their situation. We’ve helped countless consumers realize their dreams of homeownership—all while saving them time, money, and stress on securing a mortgage.
We can do the same for you.
To schedule a consultation with one of our brokers, call us at (416) 258-0156 today.
Can I Get a Mortgage If I Have Bad Credit?
Getting a mortgage can be as exciting as it is stress-inducing. Having bad credit can add to the stress because it limits your borrowing options, but it shouldn’t stop you outright from being able to obtain a mortgage.
Even with bad credit, you’ll have access to a wide range of mortgage products from different lenders. Depending on your credit score, you may not be able to secure a mortgage with a prime lender, such as a national bank, as they tend to be more conservative when lending out their money. However, you should be able to obtain a mortgage from a secondary or private lender. These lenders often specialize in mortgages for people with bad credit, so you’re sure to find something that works for you.
How Do I Buy a House with Bad Credit?
Buying a house with bad credit is done much the same way as with any other credit rating: If you have the money, you can buy the home in full, or you can take out a mortgage with a down payment.
To get a mortgage with poor credit, you will need:
- A down payment
- Proof of income
- An appraisal for the property to be purchased
To obtain better mortgage terms, you may also want to have a co-signer back the agreement.
With bad credit, it can be harder to find a lender that will approve your loan—harder still to find one that won’t force you to overpay. That’s why a short call to eMortgage Solutions can go a long way to saving you money: We help you explore and compare prices from different bad credit mortgage lenders, and make sure you don’t overpay. We’ll help you weigh your options so that you get an affordable mortgage from a trustworthy lender.
Will Bad Credit Affect My Mortgage?
There’s no way around it: Bad credit will affect your ability to borrow money. While you’ll most likely be able to take out a mortgage with a lender, you should expect to have to pay more than someone with a good credit score.
Typically, poor credit mortgages will mean:
- Higher interest rate
- Bigger down payment
- You may not get pre-approved
- If you go through a secondary or private lender, you may have to pay application fees
- You may need a guarantor to co-sign the mortgage.
Paying more may be inevitable, but that doesn’t mean you should have to overburden yourself. A member of our team will be happy to help you weigh your options so that you can save money on your mortgage. We’ll be sure to find you a suitable mortgage that suits your budgetary needs.
Mississauga’s Best Bad Credit Mortgage Broker
Get in Touch Today
Getting a mortgage with bad credit doesn’t have to be a struggle. With eMortgage Solutions at your side, you’ll be able to enjoy a stress-free experience—and more money in your pocket.
Get started with a consultation, and get the guidance you need to figure out your next best steps.
Contact us to book your consultation today.