Bad Credit Mortgage in Toronto
eMortgage Solutions is bringing the best mortgage deals in Toronto straight to your door. As an independent mortgage broker, we shop a variety of loan products, including those specifically designed for people with bad credit. We’re putting power back into your hands, giving you what you need to obtain a good mortgage at a reasonable rate.
For the best poor credit mortgages available, ours is the name to remember.
Call us at (416) 258-0156 to schedule a consultation.
Can I Get a Mortgage with Bad Credit?
Having bad credit does not put you out of the running for a mortgage. In most cases, someone with a low credit score will still be able to obtain a mortgage, provided that they have a stable source of income or some other means to make payments. What bad credit will affect, however, is who will lend you a mortgage.
In most cases, prime lenders (i.e., national banks) will be reluctant to lend money to someone with bad credit. Major banks tend to be the most risk-averse lenders, and so they usually have the strictest requirements for mortgage agreements.
If you do not meet the bank’s requirements, you can always opt for a secondary or even private lender. Many specialize in mortgages for people with bad credit, so you should have a few options available. Be wary, though: some of them may be more expensive than others. In such cases, a broker from eMortgage Solutions can help you weigh your options and find the right one for you. We’re independent, so we act in your best interests and make sure you don’t overpay.
How Do I Buy a House with Bad Credit?
Buying a house with bad credit is done pretty much the same as any other home purchase. You can either:
- buy the home outright, or
- make a down payment and take out a mortgage
In the second case, it’s best to consider hiring a mortgage broker to handle the agreement. At eMortgage Solutions, a member of our team will be happy to assess your options for lenders, comparing different mortgage plans so that you can save money. Especially since many bad credit mortgages come with significantly higher interest rates, we recommend you leave it to us to find one that doesn’t.
Will Bad Credit Affect My Mortgage?
Bad credit should not stop you from obtaining a mortgage, but it will affect your term, conditions, and rate. Since a lower credit score is a sign of higher risk, lenders will usually try to offset that risk with higher rates, more transaction fees, and larger down payment.
If you have a low credit score, you may:
- Need a larger down payment amount
- Have a higher mortgage rate
- Have to pay application fees
- Be asked to provide a co-signer or guarantor
Fortunately, our team can help you minimize those downsides of a poor credit mortgage. We shop highly competitive plans that help you get the most out of your money. Take advantage!
Finding You a Good Mortgage, Despite Bad Credit
Get in Touch Today
Don’t let bad credit stop you from making your next big investment. Our team is here to find you a good mortgage at a fair price from a reputable lender. You can count on us to save you time, money, and energy.
Toronto’s best mortgages for people with bad credit—find them with eMortgage Solutions.
Contact us today to get started.