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Having bad credit is not just due to unwise and impulsive spending habits. Yes, a shopping spree left unpaid could bruise your credit. But, it’s more than just that. A sudden downsizing at your company leaving you jobless could be a reason. Dealing with an emergency situation such as an accident or illness could be another. Even a missed monthly payment could immediately affect your credit. Point is, you don’t have to feel ashamed with your bad credit. Besides, you are not the only one in Canada who has a bad credit.
You should not be worried with the financial consequences you may have when you have a bruised credit. Good news is that there are a lot of lending institutions that are willing to address your needs and even repair your broken credit.

Can I still qualify for a mortgage even with bad credit?
Yes, you can still be qualified for a mortgage even with your bad credit. However, renowned banks and other traditional mortgage lenders do not entertain high-risk borrowers.These traditional lending institutions usually review and look at your credit score, credit history, debt to income ratio, employment history, and down payment among others. When you have one or more areas that are simply not good and favorable to them, they will immediately turn down your application.
On the other hand, there are a lot of high risk mortgage lenders in Ontario that are willing to cater to your needs. High risk mortgage lenders offer their services to clients who are turned down by banks. They believe that high risk borrowers have the chance to redeem themselves only when someone believes they can.

How to apply for bad credit mortgage?
The first thing you need to consider when applying for a bad credit mortgage is your down payment. You have to prepare and save a huge amount for your down payment. If you have excellent credit, most lenders will usually take at least 5% for a down payment. But in your case, you have to provide at least 20% or more for your down payment. In this way, you can show your potential lender that you are willing to provide the funds necessary for you to get a mortgage. Paying a larger down payment also offsets the risk that you have.
Another thing that you can do is to wait a little longer to apply for a mortgage so you could rebuild your credit first. Fixing your credit does not happen overnight. You need to pay off your debts slowly but consistently and correct other errors that might have been the cause of your bad credit. When you show lenders that you have successfully repaired your credit, they might consider you because of your willingness to fix your past financial mistakes.
You also have to accept that when you have bad credit, you don’t get to have the best mortgage interest rates in town. Apart from that, you will be charged with other fees and processing costs on top of your down payment.
Qualify to a Mortgage
The most viable option for you to qualify for a mortgage is to look for high-risk mortgage lenders or private mortgage lenders that specialize in bad credit mortgages. They are willing to look past your bad credit. However, you must be able to provide them proof that you are capable to pay a large down payment, higher interest rates, and other fees. Try to search all over Ontario for your potential private lender. With this, you will be able to find the best private mortgage lender that you can comfortably work with for your mortgage.
If you are still uncertain about what to do, you can always reach out to us. We at Private Mortgages Canada have the best team of financial experts and private lenders who can talk to you and explain more about your situation.
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