Yes, you can! Let us show you how you may qualify to buy a home with Bad or Bruised Credit.
In fact there are many solutions that are available through “Your Durham Region Mortgage Doctor”. We encourage you to speak to us about your unique situation. We want to help you repair your credit and get back on solid financial footing!
First you must determine if you have bad or bruised credit and how bad it might be. “Your Durham Region Mortgage Doctor” will review your credit report at no cost to you and offer guidance to more the process forward. It’s best to work with only one firm to assist you with your credit review, since multiple inquiries can damage the credit further if care is not taken.
“Your Durham Region Mortgage Doctor” has access to over 50 Institutional Lenders across Canada and we are aligned with a group of Private Mortgage sources to increase our ability to assist you. We will do all the work to find you the right Mortgage Solutions, because if it’s out there we know where to find it.
Your past credit history is revealed by reviewing your credit bureau. It gives lenders a quick indication of your credit worthiness and may determine whether you are approved.
Beacon scores range from 300-900 with 300 being the worst possible score and 900 being the very best.
In today’s market place scores under 600 are considered “Poor Credit” but if the score is below 550 it would be considered “bad”. Scores from 620 to 700 are rated good to very good. Those who have a credit score over 700 would be classed as excellent.
When applying for a bad or bruised credit mortgage, the required down payment will be a minimum of 15% of the purchase price of a property. But a larger down payment may be required to meet the individual guidelines of a lender depending on your specific situation.
There are many variables when borrowing with bruised credit so it’s best to speak to your highly-experienced and knowledgeable “Durham Region Mortgage Doctor” representative to discuss your specific needs.
Your credit score is based on the following calculations:
35% is based on your payment history. To improve this area, make sure you always pay on time. Use pre-authorized payments as often as possible.
30% is based on how much you owe: Maxing out all sources of credit greatly reduces your score. Try to keep balances below 50% of the limits. Lower is better.
15% Length of Credit History: This refers to how long you have had each sources of credit. You must use your available credit in order to maintain a good score, but you must also follow that with regular payments. Never miss a payment.
10% New Credit: This refers to the number of sources of credit that you open and the number of recent inquiries. Don’t open new credit without a purpose.
10% Mix of Credit Types: It is important to use a variety of credit sources such as line of credit, car or RRSP loans, credit cards rather then just credit cards.
Bad and Bruised Credit Rates:
Rates for bad or bruised credit are higher than for those who have AAA credit. Lenders charge higher rates since there can be greater risk to them if you have had a past credit issue. Rates can go from a normal undiscounted rate that a lender might offer to a rate that is quite a bit higher depending on the individual situation. It’s always best to speak to “Your Durham Region Mortgage Doctor” member to go over all your options and ensure that you get the best rate for your own needs.
Debt Consolidation for Bad or Bruised Credit:
If you have a mortgage as well as other debts, you may be able to improve your credit score by consolidation of all debts into one lower payment monthly amount. This could save hundreds of dollars each month and it can be the best way to get your financial situation under control.
To apply for a Bad or Bruised Credit mortgage Apply Online Now! Or contact “Your Durham Region Mortgage Doctor” Today.