Do you live in the GTA, Toronto or anywhere else in Ontario? Do you have bad or poor credit and are finding it hard to get a mortgage? We can help.
Has your bank declined to finance your mortgage due to you having bruised or poor credit?
The Big Banks in Canada follow a stringent approach to mortgage lending based on credit score and Gross Debt/Total Debt Ratios. Most people in the GTA and Ontario are unaware of the fact that banks are not the only mortgage lenders they can choose from. Our GTA Mortgage Team works with many Alternative or B lenders who approve borrowers for mortgages regardless of their credit.
Alternative lenders understand that unforeseen life events & decisions made in the past can sometimes harm one’s credit rating. We have helped many GTA and Ontario borrowers who after being declined by their financial institution felt they had no choice but to sell their house. Our team’s expertise in bruised credit refinancing can help you refinance your mortgage with the most competitive terms.
Bad Credit? Low Income?
With years of experience, we have established relationships with many alternative lenders who offer flexible lending criteria to help GTA and Ontario homeowners refinance with the most competitive rates. They also provide more flexibility for to help GTA borrowers with lower income. They offer terms for 1-3 years so clients can work on rebuilding their credit.
Clients with 20% downpayment who are unable to qualify with a big bank or "A" lender as they are called, due to their credit can take advantage of alternative lenders. We work with B lenders who do not have a minimum beacon score. Alternative lenders also help borrowers who are unable to pass the stress test with A lenders due to their income. B lenders offer more wiggle room to help borrowers qualify. We can customize the terms from 1-3 years to help you rebuild your credit and strategize how to move the mortgage to an A lender in near future.
This is the process of replacing an existing mortgage with a new one. B Lenders allow up to 80% of home value for mortgage refinances. Sometimes existing lenders will refuse to renew your mortgage due to your credit or payment history or they might offer a mortgage renewal but may not allow you to access your equity by increasing the mortgage amount. Clients who are looking to refinance but are being declined by their mortgage lenders due to credit or income can benefit from alternative lenders. Due to their flexibility on credit & income, they can help you refinance your mortgage up to 80% of home value & help you get cash in hand.
GTA and Ontario Homeowners refinance their mortgage for many reasons...
- Lower the interest rate to reduce their monthly payments
- Their existing mortgage lender refuses to renew at the end of the term
- Consolidate a second mortgage or home equity loan with new mortgage
- Borrow additional funds for any reason