Bad Credit Mortgage Brampton: Clients Trust Us to Help Get their Bad Credit Mortgage Approved
Bad Credit doesn’t have to keep you from getting a Mortgage Approval, our team at Brampton Mortgage Broker are able to provide Bad Credit Mortgage Approvals for our clients in Brampton, Mississauga, GTA and across Ontario at great rates and low affordable monthly payments.
We know from our client’s experiences that having a low credit score or poor credit history can cause you a lot of stress when it comes to getting your mortgage approved. We also understand sometimes bad things can happened to good people and as a result your credit score will suffer.
Our team at Brampton Mortgage Broker, have the experience and knowledge to help you with getting your mortgage approved. Whether you are looking for a mortgage for your home purchase, mortgage refinance, second mortgage, home equity loan, debt consolidation or any type of mortgage you are looking for, we can help you get the mortgage you need.
Our team has earned many 5 star Google reviews from our clients for their Bad Credit Mortgage Approvals in Brampton, Mississauga, GTA and across Ontario over the years. Let a 5 Star Mortgage Broker, Rumy Gill, help get back on track with your Credit so you can breathe easy again and get you the right Bad Credit Mortgage Approval for your credit situation.
Rumy Gill - Mortgage Broker
Google 5 Star Reviewed by Clients
Bad Credit Mortgage Brampton to Overcome your Bankruptcy or Consumer Proposal
Don’t let a Bankruptcy or Consumer Proposal get in the way of your Bad Credit Mortgage, we can get your mortgage approved so you can move forward with rebuilding your credit. Did you know it could take up to 7 years or even longer from your last activity date for your Bankruptcy or Consumer to disappear from your credit report. That means if you have been discharged from your Bankruptcy or Consumer Proposal it is not removed from your credit report and will still show up.
It is important to note that most of the time, when a Bank or Mortgage Lender was listed in the Bankruptcy or Consumer Proposal, they will not be willing to Approve you for a Mortgage until you have proven you are able to re-establish your credit history again. This usually involves getting a secure credit card and working towards building up your credit all over again, which can take you many years even up to as much as 7 years or even longer. Hold on, waiting for 7 years is a really long time! But good news for you, our team at Brampton Mortgage Broker can help you right now. Although Banks will not be an option at the current time, our team can get you a mortgage approved for a home purchase, mortgage refinance, second mortgage, home equity loan, debt consolidation or any type of mortgage from one of our mortgage lenders even if you have bad credit with a Bankruptcy or Consumer Proposal. Don’t let Bankruptcy or Consumer Proposal get in the way of your Bad Credit Mortgage, let us help you get approved today.
Your Credit Score and Your Bad Credit Mortgage
In Canada, there are 2 credit reporting bureaus that generate your credit report that reflect your credit score that mortgage lenders use to approve your mortgage even when you have bad credit. These two credit bureaus are known as TransUnion and Equifax. These 2 credit bureaus will generate a credit report based on your credit activity and history. Your credit report will outline various parts of your credit history that is graded on a numeric scale. For Mortgage purposes our team at Brampton Mortgage Broker and our Mortgage Lenders will use your Equifax credit report when we are getting your mortgage approved and it is the preferred credit report for majority of Mortgage Lenders.
It is important for you to review your credit score on a regular basis, so it is kept up to date and free of any mistakes and errors in the reporting of your credit score. You can easily obtain a copy of your Equifax credit report from either, Equifax directly or from a Borrowell. Below are the links for each website so you select where you would want to get your Equifax credit report from.
It is important to note that your credit report plays a role in you getting the best mortgage approval and Mortgage Lender will look at your Equifax report in full detail. Some of the areas of your Equifax credit report that Mortgage Lenders will look at are, your credit utilization, credit inquires, and payment history. All of these areas of your credit report will impact your credit score rating. So how does a credit score rating work? Simply put, a credit score rating is range of numbers starting from 300 and ranging all the way up to 800 and above. The higher your credit score rating the better your credit is, and the lower the rating the poor or bad your credit score is. The chart below will break down the credit score ratings of your Equifax credit report.
- Excellent credit score rating: 800+
- Very Good credit score rating: 740 to 799
- Good credit score rating: 670 to 739
- Fair credit score rating: 600 to 669
- Poor credit score rating: 300 to 599
It is important to note that a bad credit score will be classified differently for some Banks. But for the most part a bad credit score is classified as having an Equifax credit score rating below 670 to 300, a Fair rating to a Poor credit rating.
However, some of the Bank Mortgage Lenders our team works with, categorize a bad credit score below an Equifax credit score of 599 to 300, a Poor credit rating.
So, no matter what your Equifax credit score rating is, our team will be able to help get you a mortgage approval even if you are in need of a Bad Credit Mortgage approval because of a poor credit score.
Looking for a Bad Credit Mortgage Brampton
Speak to our Brampton Mortgage Broker about the most affordable option given your credit score and income and for your Bad Credit Mortgage Brampton today.
Bad Credit Mortgage Debt Consolidation: Do You Have Too Much Debt? We have a Solution for you!
Save Money With Bad Credit Mortgage Debt Consolidation and Lower Your Monthly Payments On Your Debts By More Than Half!
Our team can help you take advantage of MASSIVE SAVINGS with a Bad Credit Mortgage Debt Consolidation.
Here are 5 ways we help our clients with saving money on their debts even with Bad Credit Score.
- Lower Monthly Payments!
- Consolidate Your Debts!
- Pay Off High-Interest Debts!
- Free Up Cash Flow!
- Increase Your Credit Score Rating!
Enough Talking Now, Let’s take a close look at how we helped our clients with getting control of their debts and lowering your monthly payments. We can do the same for you too!
Below is a chart that outlines the details of the Debts we helped our clients consolidate and save Massive Amounts of Money. We saved them Over 60% in Savings on their payments on the same Debts they were making their previous monthly payments.
Here is the Power of a Bad Credit Mortgage Debt Consolidation in Action. But Please be Warned, because once you see the amount of savings, you will be in shock why you have been overpaying on your Debts. It's Time to Stop Leaving Money on the Table!
|Debt Amount or New Bad Credit Mortgage Amount||Previous Payments on Debts||New Bad Credit Mortgage Monthly Payments||Monthly Savings with New Bad Credit Mortgage||Yearly Savings with New Bad Credit Mortgage||Saving in Percentage|
|$50,000||$800 Month Payments||New Monthly Payments of $291.25||+ $508.75 Savings a Month||+ $6, 105 Savings over a Year||63.59% Total Savings|
|$100,000||$1,600 Month Payments||New Monthly Payments of $582.50||+ $1,014.80 Savings a Month||+ $12, 177.60 Savings over a Year||63.42% Total Savings|
|$150,000||$2,900 Month Payments||New Monthly Payments of $873.75||+ $2, 026.25 Savings a Month||+ $24, 315 Savings over a Year||69.87% Total Savings|
*Above Examples of Bad Credit Clients who had the previous outstanding debts. The above monthly payments are a combination of Credit Card Debts, Personal Loans, Car Loans, and Other Debts. Please note the debt amount will vary from person to person and have been rounded up to the closest hundred dollar mark.
Bad Credit Mortgage Brampton Credit Repair
We understand life happens and things out of your control cause Debt to spiral you out of control. Such as, Constantly apply for new credit, Having too much Debt, or over utilizing your Debt can cause you to lower your credit score, resulting in a Bad Credit situation.
Good News for you, We can work with you just like we work with all of our Bad Credit Clients to help develop and implement a plan that will address and resolve your Debt issues so you can stop stressing about your finances and start enjoying your life again
Sometimes you need a helping hand to get you moving along on the right track. That's where we can, we help our Clients fix and re-establish their credit. Even if you have Bad Credit Mortgage situation and the Banks won't Help, you can count on us to get your Bad Credit Mortgage Approved. We will also help you with getting a Bad Credit Mortgage Brampton Credit Repair started so you can enjoy all the benefits that come with having an Excellent credit score over time.
Bad Credit Mortgage Approvals For All Situations in Brampton, Mississauga, GTA and Across Ontario!
When helping clients with Bad Credit Mortgage Approvals, we are able to work with All Income and Credit Situations! We can even provide Bad Credit Mortgage Approvals based on Home Equity. So what are you waiting for Apply Now! Here are the Benefits of working with our team at Brampton Mortgage Broker - Rumy Gill for your Bad Credit Mortgage.
Declined by Bank
Loss of Job
Too Much Debt
Death in the Family
Low Credit Score
Over utilization of Credit
Personal or Work Place Injury
Legal Matters or Disputes
Bad Credit Mortgage Approval | Brampton Mortgage Broker - Rumy Gill
Frequently Asked Questions
What is a Bad Credit Mortgage?
A Bad Credit Mortgage uses a different type of Mortgage Lender(s) that use favourable set of guidelines and criteria for lending money to individual(s) with Bad Credit. Due to these guidelines and criteria some lenders (Bad Credit Mortgage Lenders) may see you more positively than others when looking at Approving your Mortgage as they use a more common sense approach to lending, unlike the Banks.
These Bad Credit Mortgage Lenders can even look at using your Property Equity to qualify your Mortgage instead of your credit score, whereas, most lenders like Banks are focused only on your credit score and credit history when Approving your Mortgage.
With our Bad Credit Mortgage Lenders there are no hard and fast rule of what’s considered bad credit or credit that cannot be Approved, our Bad Credit Mortgage Lenders work with all credit scores and Bad Credit situations. There are certain factors on a credit report that would make most lenders think you’re a higher risk like missing credit card payments, defaulting on a loan,and applying for credit too often but our Bad Credit Mortgage Lenders can make sense of it all and help you get your Mortgage Approved.
How do Bad Credit Mortgages work?
Bad Credit Mortgages are designed to help you build and reestablish your credit score rating and history so you can be seen a strong borrower. With Bad Credit Mortgages there is a limit on how much you can borrow. A Bad Credit Mortgage requires you have a deposit of at least 20-35% of the value of the property before you can purchase and if you are looking to Refinance then you will require to have anywhere between 20-35% Equity in your Home depending on your current situation.
Bad Credit Mortgages come with higher interest rates than what the Banks offer due to the risk of the borrower and they are usually short term Mortgages ranging between 1 to 3 years in length.
Can I Remortgage with Bad Credit?
If you already have a mortgage and you want to Remortage or refinance with bad credit, the first step is to keep up to date with your monthly mortgage payments, property tax, and monthly debts, to prove to the lender that you’re a responsible borrower, and you have built and reestablished your credit score rating and history so your Mortgage can be placed with the Bank after the term is up.
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