Our team makes approving bad credit mortgages in Brampton an easy process. Even if you have a low Equifax credit score of 550 or less, our team at Brampton Mortgage Broker can find you a mortgage approval for your bad credit mortgage. Although you maybe limited in the mortgage lenders that you will be able to access due to your credit score, our team can help access bad credit mortgage lenders so you can get great mortgage rates and low monthly payments. Our team specializes in approvals for bad credit mortgages in Brampton and a member of our team is always available to help you with a mortgage approval regardless of Equifax credit score.
Bad Credit Mortgage Approval | Brampton Mortgage Broker – Rumy Gill
Equifax Credit Score Ranges for Mortgage Lenders
Below is a basic credit score range for mortgage lenders when looking at your Equifax credit score and Equifax credit report.
- A Lenders or commonly referred to as the Bank Lenders and for the most part will require you to have an Equifax credit score of 600 to 800+.
- B Lenders or commonly referred to Sub Prime Lenders for the most part will require you to have an Equifax credit score of 500 to 600.
- C Lenders or commonly referred to Private Mortgage Lenders do not require you any Equifax credit score and get your mortgage approved.
How to check your Credit Score
In Canada there are two major credit bureaus companies that generate your credit score rating and report. These two bureaus are Equifax and TransUnion. Although these two bureaus do the same job in generating your credit score rating and credit repot. The credit scores these two bureaus provide are based on different criteria and the credit score ranges are different.
Equifax will report credit score ranges from a 300 score which is a poor rating to 800+ score which is an excellent rating.
Equifax credit score ranges
- 300-579 (Poor)
- 580-669 (Fair)
- 670-739 (Good)
- 740-799 (Very Good)
- 800-850 (Excellent)
If you want to learn more about Equifax credit score range, you can click the link here and read more about it on the Equifax website.
TransUnion will report credit score ranges from 300 score which is very poor rating to 781+ score which is an excellent rating.
TransUnion credit score ranges
- 300-600 (Very Poor)
- 600-657 (Poor)
- 658-719 (Fair)
- 720-780 (Good)
- 781-850 (Excellent)
If you want to learn more about TransUnion credit score range, you can click the link here and read more about it on the TransUnion website.
As you can see the credit score ranges are reported differently on both Equifax and TransUnion. This is because debts are reported differently and some of your debts not shown on your Equifax credit report, but they appear on your TransUnion credit report. This can also be the case for your TransUnion credit report, where some debts are not shown but they appear on your Equifax report.
It is important to note that the mortgage lenders who we work with approving bad credit mortgages in Brampton for clients, use an Equifax credit report. It is very important to make sure your Equifax credit score and report are up to date and is accurately reflect your debts, so you can get the best rate for your bad credit mortgage.
Repairing Your Credit Score
In order to obtain the best possible mortgage rate for your bad credit mortgage you will need to work on repairing your credit score in the long run. The sooner you are able to start working on the process of repairing your credit score the sooner you will be able to obtain the best mortgage rate possible for your mortgage.
As you may already know there are tons of tips and tricks on how to repair your credit score on the internet and can just be downright confusing. For simplicity, we will go over a few simple ways that can help you start repairing your credit score.
- Paying off your debts: Paying off your debts will provide a boost to your credit score. If your debts are too large, then you can start with paying off all your small debts and then build up to pay off the larger debts one at a time.
- Making payments on time: Make sure you are making regular monthly payments towards your debt. Make sure you always make your payments on time even if it is just the minimum payment. However, you want to aim for more than just the minimum payment amount so you can bring down the overall balance.
- Apply for credit: Applying for credit can help boost your credit score and help with managing your debt. For example, applying for a line of credit with an interest rate of 7% to consolidate and pay off your credit cards which has an interest rate of 18% is beneficial. The interest rate on the line of credit is significantly lower and will save you money. Just remember to not over do it and not to apply for credit every month for newest credit card or store card, just apply for credit you will be able to pay off and use responsibly.
- Utilization of credit: it is important to not use all your available credit. You want to stay under 65% of your credit limit as much as possible and always try to pay off your debts fully.
Now that you know what you can do to start repairing your credit score, just keep in mind that in general it can take a minimum of up to 6 months before you start to see improvements in your credit score. Don’t let this stop you from starting on the process of repairing your credit score, the sooner you start the sooner these 6 months will come and go, and your credit score will be better off for it.
Mortgage Broker for Approving Brampton Bad Credit Mortgages
Our team at Brampton Mortgage Broker have the experience and the bad credit mortgage know how to get you the approval you are looking for. Regardless of your bad credit score and bad credit history our team can obtain a mortgage that works best for you and your bad credit situation. That means even if you had or are currently going through the follow:
- Bankruptcy
- Consumer Proposal
- Late Payments
- Missed Payments
- Mortgage Arrears
- Foreclosure
- Divorce
- Judgement
- Loss of Job
- Or any other reason that has resulted in a bad credit score
Regardless of any reasons for your bad credit score, our team can help and have helped hundreds of clients with approving bad credit mortgages in Brampton. We have access to a large network of bad credit mortgage lenders in Brampton and we can provide you with a mortgage approval with a great rate and low affordable monthly payments.
To get the right advise for your bad credit mortgage make sure you contact our team at Brampton Mortgage Broker. A member of our team is ready to get help with approving bad credit mortgages in Brampton. Don’t wait any longer apply online or give us a call today.