Bruised Credit
Get Pre-Approved
This is the first step on your road to homeownership. A pre-approval is a conditional commitment from your lender to grant you a mortgage, which will help you understand what you can comfortably afford to spend. Let’s get you pre-approved today!
Book A Call With One Of Our Experts
You have questions and we have answers! Let’s talk about what we can do to get you into your first home, upgrade to a new home, tap into your home equity, take advantage of today’s low rates through a refinance or whatever your mortgage financing needs may be.
Bruised Credit
As hard as you try to maintain strong creditworthiness, sometimes you get sidetracked – whether it’s because of separation/divorce, job loss, illness or whatever life throws your way. We have alternative and private lending resources available to help take care of your home financing needs while you improve your credit. This enables you to secure financing now so that you aren’t forced to sell your property or delay your purchase plans.
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How It Works
Book a Call with One of Our Team Members to Discuss Your Goals
We want to hear your story so we can understand your goals and dreams, and customize a mortgage plan that works best for your unique situation.
1
Apply For Your Mortgage
If you’re buying a new property, we’ll secure a pre-approval so you know what you can comfortably afford. And if you’re renewing or refinancing an existing mortgage, we’ll ensure we find your best options.
2
Review All Your Options
We’ll get the lenders competing for your mortgage business. Next, we’ll review your options so you understand each choice.
3
Choose The Best Mortgage For You
We’ll clearly explain which option we believe best fits your current financial situation and future goals, and why this is our top pick.
4
Bruised credit questions
Can I get a mortgage with bad credit in Canada?
Often yes. B-lenders and private lenders assess applications that do not fit traditional bank criteria, typically at a higher rate and with a lender or broker fee.
What is a B-lender?
A B-lender is a regulated lender that works with borrowers who fall outside the big banks' criteria — bruised credit, non-traditional income, or a recent life event. Rates are higher than a bank's but lower than a private lender's.
What causes bruised credit?
Frequently it is a life event rather than carelessness — separation or divorce, job loss, or illness can all set otherwise strong credit back.
Is a bad-credit mortgage permanent?
It is normally a bridge. The purpose is to secure financing now, while you rebuild credit, so you are not forced to sell your property or delay a purchase.
How much down payment do I need with bruised credit?
B-lenders and private lenders generally want more equity than a bank would — commonly at least 20% — because the down payment offsets the credit risk.
How long before I can move back to a traditional lender?
Often a one to two year term with a B-lender or private lender is enough to repair credit, provided payments are made on time and the underlying issue is resolved.