Challenged credit mortgages are specifically designed for individuals whose credit history may not meet the strict criteria of traditional banks due to past financial difficulties such as a bankruptcy, consumer proposal, or inconsistent payment history. These solutions typically involve alternative or specialized lenders who take a more holistic view of an applicant's situation, looking beyond just the credit score. While terms may differ from 'A' lending, these mortgages offer a legitimate and valuable route to homeownership, providing an opportunity to rebuild financial stability and equity. Expert guidance is key to navigating these options successfully.
Karen Rasmussen
Sandra Little
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.