Bad Credit Mortgage in Markham

With our expertise, you will be able to get the mortgage you need and start building a better financial future today. Our team of experts are standing by to help you through your bad credit situation and back into the path of home ownership. Reach out to us today and see how we can help!

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Mortgage Options For Those With Poor Credit

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A bad credit mortgage is a type of loan specifically designed for people with poor or limited credit histories. This type of loan allows borrowers to purchase a home despite having less than perfect credit scores.


To know if you have bad credit, you should check your current credit score. A good rule of thumb is that any score below 600 is considered bad credit and may make it difficult for you to qualify for traditional mortgages. If your score falls in this range, then you may benefit from applying for a bad credit mortgage instead.


There are now several solutions available specifically designed to help people with bad credit obtain mortgages. Our bad credit mortgage brokers provide personal guidance and assistance throughout the entire process so that you can find a solution that works for you.

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Credit Score Tips From Our Experts

Following these tips from our mortgage brokers for bad credit can help you stay in control of your score, helping ensure it stays high for years to come.

01

Check Your Credit Score Regularly

You can check your credit score for free online or through a credit bureau. Monitoring your credit score is important as it helps you identify any inaccuracies or signs of identity theft. If you discover an error, be sure to dispute the inaccuracy with the appropriate credit bureau and take steps to correct it.

02

Pay Down Debts

High levels of debt can reduce your overall credit score, so paying off existing loans and other debts should be top priority when aiming to improve your overall score. Make sure to make all payments on time and focus on reducing revolving debt first.

03

Manage Your Credit Utilization

Credit utilization is the amount of debt you owe compared to your total credit limit. Keeping your credit utilization low can help improve your credit score as lenders generally view a lower ratio more favorably. Aim for a 30% or below credit utilization rate for optimal results.

04

Take Advantage of Automatic Payments

Setting up automatic payments on existing  accounts is a great way to ensure bills are paid on time and your credit score remains unscathed. Most lenders also offer an extra incentive for signing up for automatic payments, so be sure to look into this if you have the opportunity.

If you’ve been denied for home loans in the past due to your credit history, then a bad credit mortgage may be an option for you.

Frequently Asked Questions

Answered below are some of the questions we most commonly receive.

  • Why am I not getting approved for a "normal" mortgage?

    The answer is simple: lenders consider your overall financial situation when determining whether to approve or reject your application. If you have a poor credit score, it could mean that you have too much debt or a history of late payments. Even if your income is high enough to support the mortgage, lenders may still be hesitant due to your past credit issues. This is why bad credit mortgages exist - they provide an alternative financing option for those who don’t qualify for traditional loans. Our job is to help you demonstrate security to those lenders so they are willing to extend you a mortgage.

  • What do lenders look at when evaluating mortgage applications?

    There are a few key things that lenders evaluate when considering a mortgage application. 


    These include the borrower's creditworthiness, their employment history, and their overall financial situation.Lenders will also look at the property itself to make sure it is worth the amount of money being borrowed. They will also consider the market conditions in the area where the property is located and the expected appreciation of the property over time. Finally, lenders will consider the borrower's debt-to-income ratio to ensure they are able to make their mortgage payments in a timely manner. 


    All of these factors play an important role in helping lenders decide whether or not to approve a mortgage application. By taking all of these elements into consideration, lenders can ensure they are making a wise decision in granting a mortgage. 

  • What are the drawbacks of a bad credit mortgage?

    The main drawback of a bad credit mortgage is the higher interest rate associated with it. This can lead to paying more over time in interest than you would on a standard loan, resulting in unnecessary financial burden. Additionally, some lenders may charge higher fees or require larger down payments than those found on traditional mortgages. While these  loans offer an opportunity to get into a home when you may have been denied elsewhere, it’s important to consider the potential long-term costs and consequences of taking on such a loan.

  • How can I improve my chances of getting approved for a bad credit mortgage?

    The best way to increase your chances of getting approved for a bad credit mortgage is to make sure that your credit score is as high as possible before applying. You can do this by paying off any outstanding debts, monitoring your credit report regularly, and correcting any errors or discrepancies that appear on it. Additionally, having a reliable source of income and proof of assets available can both help bolster your application.


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