Bankruptcy or bruised credit history
Bad Credit Mortgage Vancouver, BC
Mortgage Specialist Heidi Hamano offers one stop service for a wide rage of mortgages.
Life can throw you a curve ball and many Canadians encounter hardships at some point of life; whether it is a job loss, an illness, a divorce or simply a lack of credit, all can consequently impact your credit score. Most major Canadian banks see borrowers with less than 600 credit score at a risk, therefore, making it challenging for these individuals to secure a loan.
If you have a strong desire to become a homeowner or take equity out of your current home rather than wait for your credit to significantly improve, there are some options available. Private mortgage lenders work exclusively with borrowers who have endured bankruptcy or consumer proposal and have a credit score which is not ideal. Considering the high risks lenders need to take, rates are usually higher than the conventional mortgage. Working with a mortgage professional increases your chance of securing the most suitable private mortgage under reasonable terms till you get back on a truck.