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Bad Credit Mortgage Broker

Our experienced mortgage brokers are here to help you secure a home loan in Ontario, even if your credit score isn’t perfect.

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Bad Credit Mortgage Broker You Can Count On

We know that financial problems can hurt your credit. That’s why we help people with low credit scores find a mortgage. Our team works with different lenders and knows the Canadian market well. We help you get approved even if your credit isn’t perfect. Whether you need a mortgage broker for bad credit, a second chance mortgage, or advice on getting a loan with low credit, we give help that fits your situation.
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We help many people with low credit scores buy their first home. Our team works with you to find good rates and flexible plans that fit your money situation. Over time, we can also help you improve your credit by managing your mortgage carefully.

You can also contact us for help with mortgage refinance, renewal, debt consolidation, HELOC, or self-employed mortgages. We serve people in Scarborough, Ottawa, Newmarket, Oakville, Etobicoke, Vaughan, and nearby areas.

Learn how long bad credit stays on your record and take the right steps to improve it today!

Bad Credit Mortgage in Canada: A Guide

Our team helps people with low credit scores buy their own home. We find good rates and flexible terms that fit your money situation. At the same time, we help you improve your credit over time by managing your mortgage responsibly.

We also help with mortgage refinancing, renewal, debt consolidation, HELOC, and self-employed mortgages. We serve people in Scarborough, Ottawa, Newmarket, Oakville, Etobicoke, Vaughan, and nearby areas.

Take the first step today. Learn how long bad credit stays on your record and start working toward owning your home.

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Your credit score shows lenders how likely you are to repay a loan. In Canada, scores go from 300 to 900. Higher scores mean you are more reliable. If your score is under 700, you might qualify for a bad credit mortgage instead of a regular loan. A bad credit mortgage broker can help you. They work with banks and special lenders who focus on helping people with lower credit scores. With the right guidance, you can explore your options and get a mortgage, even if you have had financial problems in the past.
We are experienced mortgage brokers who help people with bad credit. We help you get a mortgage even if it is hard. Our goal is to give hope and find solutions for people who may have trouble getting a home loan. We understand that everyone’s situation is different. We work hard to find mortgage options that fit your needs. We want to make it easier for everyone to own their own home.

Prime Lenders: These are big banks and well-known financial companies. They usually like people with higher credit scores, but some may give good rates if your score is 600 or higher.

Trust Companies and Bad Credit Lenders: These lenders focus on helping people with lower credit scores. They often work with scores around 700 or lower. Some can even help if your score is as low as 550.

Private Lenders: Private companies or individual investors can give loans to people with very low credit. The interest rates are usually higher than banks or trust companies. But they are a good option if your score is below 600.

If you want to apply for a home loan but your credit score is low, there are some important things to know. Lenders will look carefully at your financial situation. They usually focus on things like:

Credit Score and Debt History: Lenders check your credit score and past payments. Even if your score is low or you missed some payments, you may still qualify.

Income and Employment Stability: Lenders want to make sure you can pay your mortgage. Even if your income is low or changes from month to month, there are options available.

Property Condition: Lenders look at the house itself, including its condition, location, and upkeep. Some extra rules may apply if your credit is low.

Down Payment Requirements: In Canada, the minimum down payment is usually 5%. For homes over $500,000, it’s 10%. If your credit is low, lenders may ask for a larger down payment.

Why Choose Us As Your Bad Credit Mortgage Broker?

At Mortgage Squad Advisors, we help people with low or imperfect credit buy a home. We know it can be hard to get a mortgage with a low score, and we have over 15 years of experience helping clients.

We offer pre-qualification and strong support to show your situation in the best way. Our team guides you through every step, making the mortgage process simple, stress-free, and possible, even if your credit isn’t perfect.

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Tips for Securing a Home Loan with Bad Credit

To improve your chances of obtaining a home loan from a bad credit mortgage lender, consider the following strategies:

1. Work on Your Credit Score

Try to pay your bills on time, lower your debts, and keep your credit use low. This can make it easier to get approved and may help you get a better interest rate.

2. Think About a Bigger Down Payment

If you can put more money down, lenders feel safer. This can help you get a lower rate or even avoid extra mortgage insurance.

3. Use a Co-Signer if You Need To

Having a trusted co-signer can make lenders more confident in approving your mortgage. It might also help you get a better rate.

4. Choose the Right Lender

Different lenders have different rules. A bad credit mortgage broker, like Mortgage Squad, can connect you with lenders who work with people with low credit scores.

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Win A Free Mortgage Payment Register your mortgage renewal date with Mortgagesquad.ca and you could WIN your first month’s mortgage payment upon renewal (see terms and conditions). When you register your renewal date with us, you are securing the lowest interest rate possible up to four months prior to your mortgage coming due. So, if rates go up prior to your mortgage renewing, you can still get the lower rate. If rates go down, you will still get the lower rate… it is a WIN WIN FOR YOU.

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Commonly Asked Questions

How can I improve my chances of getting a mortgage with bad credit?
To improve your chances of getting approved, you can consider improving your credit score through responsible financial habits, offering a larger down payment, exploring joint mortgages or co-signers, and researching lenders wisely.
The minimum credit score required varies depending on the lender and the type of loan. In general, most lenders prefer a score of at least 620 for conventional loans. However, some government-backed loans may accept lower scores.
It may be possible to secure a mortgage with no credit history, but it can be challenging. Lenders use credit history as an indicator of your ability to manage debt and make timely payments. Without it, you may need to provide alternative forms of documentation or seek out specialized lenders.
It is likely that a bad credit mortgage will result in a higher interest rate compared to someone with good score. However, the specific interest rate will depend on factors such as the lender, your credit score, and the current market conditions. Call us to know more.
Refinancing with bad credit may be possible but can be difficult. It’s important to carefully consider the potential costs and benefits before proceeding, as refinancing typically involves taking out a new loan with different terms and potentially paying closing costs. Speaking with a reputable bad credit mortgage broker like us can help you understand your options and make an informed decision.
An interest-only mortgage is a type of loan where the borrower only pays the interest on the loan for a set period, typically 5-10 years. After that, the borrower must start paying both principal and interest payments. This type of mortgage is often seen as riskier for lenders, so it may be more challenging to secure with bad credit. Reach us to know more.

Yes! A bad credit mortgage broker like Mortgage Squad can connect you with lenders who work with people with low credit scores.

Yes, Even with a low credit score, you may qualify for a bad credit mortgage. Mortgage Squad works with trust companies and alternative lenders to help more people become homeowners.

Yes, it’s possible. Banks may be strict, but private lenders and specialized brokers can help you get a mortgage even with a score around 500.

Many lenders in Canada prefer scores of 600 or higher. But some bad credit lenders accept lower scores. Mortgage Squad can help you find the right option and get approved.