Get Back up On Your Feet – The Credit Repair Guarantee
Just because your credit is low right now, doesn’t mean it will be in a year or two. We work with Canada’s top alternative mortgage lenders to get you through this time, and back into a lowest rate mortgage as soon as possible.
We work with you to insure your score increases over the next year. In fact if our free advice is followed, we guarantee your score to increase quickly! We can even stay in touch to make sure you always have the all the help you need.
You’ll be out of your credit situation, sooner than you think, for less cost than you think – and most importantly – you’ll be out of your bad credit mortgages situation for good. Your long term prosperity is what matters. No other Mortgage Broker offers this kind of service.
How do Alternative Lenders Approve Bad Credit Mortgages?
These lenders tend to deal in situations where the credit score is lower than the acceptable Big Bank limits. For example, in many cases, a credit score of less than 630 with some more serious credit issue remaining on it would be a good candidate for an Alternative lender.
Credit Score should be between 400 and 630 for an alternative lender. Interest Rate pricing will depend mainly on credit, but also how much equity there is left in your home. (show image)
Income Should be some how provable – weather income is from self-employment or with an employer. Check out below for some of the different ways that an alternative lender will look at income.
- Bank Account Statements
- Employment letter and pay stub
- Income tax returns
- Account invoices (self employed)
This said, there are a few alternative lenders, when presented with enough available home equity do not need much at all for proof of income. There are also second mortgages which can fit into some situations.
Quality of Property Perhaps the most important aspect of alternative or bad credit mortgage lending is the quality of your property. The lender is mainly lending on the value of your asset, and is looking at income and credit to a lesser extent. An appraisal will be required to show that your property is in reasonably good condition. Other than this, alternative lending can be smooth sailing.