Challenged credit mortgages are designed for Burnaby individuals whose credit may not meet traditional bank criteria due to past financial difficulties. These solutions typically involve alternative lenders who take a more holistic view, looking beyond just the credit score. While terms may differ from ‘A' lending, these mortgages offer Burnaby residents a valuable route to home ownership, providing an opportunity to rebuild financial stability. Expert guidance is key to navigating these options successfully in the local market.
What if the major banks have already turned me down?
That's precisely why specialized mortgage brokers and alternative lenders exist – to provide solutions when traditional avenues are not available. There's still hope
Can this type of mortgage help improve my credit score over time?
While the mortgage itself doesn't directly repair credit, consistently making your mortgage payments on time can be a positive factor in rebuilding your creditworthiness for the future.
How large of a down payment will I generally need?
Down payment requirements can be higher than for prime mortgages and vary based on your credit profile and the lender. We can explore options like gifted down payments.
Will I have to pay a much higher interest rate?
Interest rates may be higher compared to ‘A' lenders, reflecting the increased risk. However, we work to find the most competitive terms available for your situation.
What kind of credit issues can you typically help with?
We often work with individuals who have experienced bankruptcy, consumer proposals, collections, or a history of missed payments. Every situation is unique.