Bad Credit Mortgages & Credit Repair

Bad Credit Mortgage in Toronto

Bankrupt? Dont always pay your debts on time?

Getting a mortgage with bad credit can be difficult for most. I can get you a mortgage even with bad credit. Canadas major banks do not like to give credit to clients that are of high risk. Most times the client has tried all their lending options and keep coming up short, rejection and rejection. So they are forced to seek financing from other places. There are many alternatives. Even if you keep getting turned down from banks mortgage brokers are happy to take your application. A mortgage specialist has access to over 40 lenders usually. We in fact have access to over 100 lenders. Unlike many brokers we have many private lenders and special programs to help if you have bad credit, a prior bankruptcy or any other difficult situation. As long as you are discharged from your bankruptcy and have at least 2 years or re-established credit you should be able to get a mortgage from us. With access to so many lenders we should be able to get you something for your needs at an affordable rate. Dont get frustrated, just let us deal with everything for you.

How to improve your credit score, even after bankruptcy


To obtain a mortgage after a recent bankruptcy there are 2 options.

A CMHC/Genworth insured mortgage.  Any non private mortgage in Canada with less then 20% down must be insured.  To obtain mortgage insurance through CMHC you will require at least 2 years of discharge from bankruptcy and at least 1 year of re-established credit.  Genworth requires 2 years bankruptcy discharge and 18 months of re-established credit.

A private mortgage.  Most private mortgages will require 15% down and are interest only at an annual interest rate of 12%-14%.  No principle is ever paid down.  A broker and lender fee will also apply.

Re-establishing your credit.  Obtaining a credit card 1 year after a bankruptcy can some times be a tricky task.   I would highly recommend obtaining a secured credit card.  A secured credit card is just like a regular credit card, however for every $1 you put down as a deposit, you will get $1 in credit.  There is virtually no risk to the issuer so you are almost guranteed to be approved.  This will help to build that re-established credit that will be required when it comes time to applying  for a mortgage.

Here are a couple of companies that issue secured credit cards.

Peoples Trust - minimum $500 deposit required

Home Trust - minimum $1000 deposit required


Manage all of your debts with debt consolidation

Often a new mortgage may be the best way to manage all of your debts. Moving your high-interest debt into a lower-rate mortgage is a great way to save on your overall interest costs, improve your cash flow, and begin the process of improving your credit rating. It's great news that the right Toronto mortgage can help establish your reputation for credit-worthiness.



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