How To Get A Bad Credit Mortgage

According to Gloe & Mail, a recent survey by Equifax found that 60 percent of Canadians did not look at their credit scores before seeing a bank or mortgage broker about a mortgage. 

Knowing where your credit score stands should be your first step in preparing for a mortgage application.  

Credit scores are widely available at no cost these days.  

When you first consider applying for a mortgage, check your credit score.  

Knowing your credit score early will help you make the right decision.   

A low credit score may still get you approved for a mortgage, but the rate will likely be higher than a comparable high credit score mortgage. Also, expect to pay a lender fee and a high down payment with a low credit score. 

Get a copy of your credit report and check for any potential problems pulling down your credit score. Also, review your credit score for items you don’t recognize or are inaccurate or fraudulent.   

You can contact the credit reporting agencies if you find any inaccuracies on your credit report or a credit product you didn’t sign up for.  

Just be aware that disputes with credit agencies take time to resolve the issue, but it can improve your score quickly if a negative item is removed from your credit report.