bad credit mortgage toronto

Bad Credit Mortgage in Toronto

Anyone may need a loan at any point in time. However, not everyone is lucky enough to have sound financial standing and credit history to be able to secure a loan so easily. Getting a home is not an easy job. It takes a lot of hard work to get to a point where someone can actually afford a house of their own. But a bad credit history, or lack of finances can come in your way of getting a loan.

However, if you want a bad credit mortgage in Toronto, all may not be lost. Hire our agent, Amit Dhingra, and we can still you the home loan you want, despite your bad credit standing.

What is a Bad Credit Mortgage?

Charging interest on loans is the way banks make their money. And hence they want to give as many loans as possible, and on high interest rates. However, even with high interest rates, banks cannot gamble their money on loans which might never be paid back. This is why before granting a loan, the banks analyze a client’s credit scores. Credit scores are assigned on a scale of 300-900, and the scoring is done based on numerous things, including:

•           Late payments

•           Non payments

•           Current amount of debt

•           Types of credit accounts

•           Credit history length

•           Inquiries on the credit report

•           History of applying for credit

•           Bad credit behavior, which can be something such as writing bad checks

Do you Qualify as a for a Bad Credit Mortgage in Toronto?

Now the credit score threshold may differ from time to time or place to place, but generally, if you have a credit score of 600-620 or below, you will have a bad credit score. The following can earn you a bad credit score:

•           A credit score below 620

•           Two or more delinquencies of 30 days on a mortgage in the past 12 months

•           One delinquency of 60 days on a mortgage in the past 12 months

•           A charge-off or foreclosure within the past 24 months

•           Bankruptcy within the past 24 months

•           Debt to income ratio is over 50%

•           Inability to cover family living expenses in the course of a month

Do you want a Bad Credit Mortgage in Toronto

If you do qualify as having a bad credit score, and wish to apply for a bad credit mortgage, you cannot have anyone representing your case better than our mortgage broker Amit Dhingra. Amit has an approval rate of 99%, and with his experience and sound understanding of the financial industry and lenders, he can get you any loan you want, and that too at the lowest possible rates.

Amit Dhingra has had the chance to serve people who had been rejected by lenders before, but with Amit by their side, they all got their loans approved and are now happy owners of their dream houses. If he has done it for them, he can do it for you too. All you have to do it provide us all the right information, and then trust us to do the rest for you.