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A lot of Canadians filed bankruptcy or having bad credit history due to fail in paying off their debts. Bad credit history is very dangerous for people and it is very difficult to get home loan with bad credit. But there are some options with can help you to get mortgage loan even if you are having bad credit history, Read the article and get some tips, also share your views about this. http://www.canadalend.com/blog/you-c...th-bad-credit/
I had bad credit and was still able to get a mortgage by paying off all my credit cards. That was the only condition my lender gave me.
I don't know if there was much there in tips BR. It seemed more of an advertisement. DO you work there?
It really depends on the lender in question since they all have different criteria. It's generally a good idea to talk with the lender first before applying if you have a special circumstance. We lived in the U.S for 10 years and had a FHA mortgage there with http://www.loandepot.com despite having some late payments... the U.S is actually pretty good with programs for those with less than stellar credit such as some new Fannie Mae programs. Not sure as how it is in Canada since we just moved here and are still renting. I do however recommend getting pre-approved (Some good info about that on Pre Approval Guide) Me and my hubby were able to save so much and get a lower rate just cause we got pre approved and it lets you know exactly how much you can afford.
I think you are correct!!Quote:
Originally Posted by MortgageQueen
Hey BR. As the ladies have said it appears that you work for Canadalend. FSCO might be interested to see your ad where no brokerage registration number is given or if you are an agent your number.