Bad Credit Mortgage in Oakville

A bad credit score does not have to stop you from getting a good mortgage. At eMortgage Solutions, we provide our Oakville clients with a range of borrowing options, each carefully selected based on the clients’ needs, finances, and priorities. We help you explore the most competitive mortgage deals on the market, all while giving you the advice and guidance you need to move forward with your purchase. With our team at hand, you can expect a suitable mortgage at a fair rate.

To schedule a consultation with one of our bad credit mortgage specialists, be sure to give us a call at (416) 258-0156 today.

Can I Get a Mortgage with Bad Credit?

Many Canadians think that you cannot get a mortgage if you have a low credit score, but that simply isn’t true. To be sure, you may not qualify for a mortgage with major banks, as they tend to have stricter lending requirements. But you still have options. In fact, many secondary lenders specialize in mortgages for people with lower-than-average credit scores.

A bad credit mortgage broker from eMortgage Solutions can help you explore your options and narrow the list of lenders down until we find the right one for you. We connect you with a range of institutions offering different mortgage products for people in situations just like yours. Rest assured, though, that we don’t work for them—we work for you. We have no one’s interests but yours at heart, and we’ll make sure we help you maximize your money savings.

How Do I Buy a House with Bad Credit?

Buying a house with bad credit is not much different from buying one with good credit. The major difference is that, if you need to apply for a mortgage, you’ll most likely need to take one out with a secondary lender that specializes in poor credit mortgages.

To process your application, the lender will request:

  • Proof of down payment
  • Proof of employment/income
  • An appraisal of the property for sale
  • A co-signer (if necessary)

In some cases, a bad credit mortgage lender will ask for a guarantor to co-sign the loan, to ensure that you can meet the monthly payments. Having a co-signer can also help you seek better conditions for your mortgage.

Will Bad Credit Affect My Mortgage?

Lenders view bad credit as a risk: It’s a sign that the borrower may not hold up their end of the bargain and make their monthly payments on time. To offset that risk, lenders tend to offer less favourable conditions so that they can make more money off the loan. If you have bad credit, unfortunately, you will likely have to pay more money throughout your mortgage.

With poor credit, you should expect:

  • A higher interest rate
  • Larger down payment
  • Application fees (possibly)
  • To go through a bad credit lender

Fortunately, eMortgage Solutions is here to help you dodge the worst of these effects. We’ll be sure to find you a good mortgage while minimizing your financial burden. Choose us, and you can expect short-term savings—with long-term payoffs.

Helping You Get a Good Mortgage, Despite Bad Credit

Get in Touch Today

For thoughtful advice, professional guidance, and the best mortgage rates available look no further than our team. Even if your credit score’s not the highest, you can trust us to save you time and money on finding a mortgage.

Get started with a no-obligation consultation. To book yours, contact us today.