1-800-609-9830 · Rick Bettencourt, Mortgage Broker · Lic# M11002425

Bad Credit Mortgage Solutions

If you have bad credit and you need a mortgage. Our bad credit experts know how to get you the mortgage you need fast. Poor credit does not mean that you can’t get a good mortgage deal. If the banks have refused your application, we have lenders who can help you.

An Alternative to Banks when Applying for a Mortgage

For some, the journey towards home ownership is far from a straight and clear path. The truth is, bad credit happens to good people for a number of reasons that are not always entirely the fault of those who are in debt. Regardless of the circumstances that brought you to CCF Mortgages, you’ve come to the right place. 

Allow us to break down everything you need to know about surmounting any hurdles that are currently coming in between you and your dream home by detailing one of the top lender alternatives to banks:

Private Lenders

For many individuals and companies that have capital to invest, real estate is a preferred method of growing income. Private lenders provide mortgage loans for a wide variety of people, but are the best option for those who: 

  • Are looking to purchase an unconventional property
  • Are looking to forgo the long bank approval process
  • Are unable to receive approval from banks due to bad credit history
  • Are looking for a short-term loan
  • Have income streams that cannot be confirmed

The Stats

If any of the aforementioned qualifiers describes you, the following are statistics related to private mortgage loans:

  • Approval process: 24 hours
  • Processing time: 1 to 2 weeks
  • Interest Rates: 7%-12%, contingent on the loan
  • Fees: 1%-5%
  • Amortizations: interest only to 25 years

The Guidelines

If your application is being considered by a private mortgage lender, you can expect to be judged on the following criteria: 

  • Down Payment (when purchasing the property)
  • Income
  • Property type
  • Equity (when refinancing the property)

Bad Credit Mortgage Experts

Whether you have had a previous bankruptcy or consumer proposal, are drowning in debt, need money to pay overdue property taxes (and save your home) or simply need a mortgage quickly – Rick Bettencourt has dealt with many people in your situation.

Getting A Excellent Mortgage With Bad Credit Is Easier Than You Think…

We have many years of experience working with private lenders and B-lenders who can help get you the mortgage you need.

A simple And Easy Process

Getting started is very easy and takes almost no time – just give us a call to speak with a bad credit mortgage expert.

Working With Rick Can Make All The Difference

  • Put your poor credit and financial situation in the best light
  • Have access to hundreds of reputable B-lenders or private lenders
  • Eliminate your risk of extremely high lending fees or rates
  • Have an experienced professional show you how you can consolidate your debt and save thousands

Getting A Bad Credit Mortgage Is Possible 
– With The Right Help & Advice

Qualifying for a mortgage with bad credit is not the easiest thing to do, but with Rick Bettencourt on your side you could be signing the mortgage papers in no time.

Get Back On Track To A Better Mortgage Rate

We will help you formulate a plan that will allow you to clear up your debts and improve your credit score. Within a couple of years, your bad credit could be cleaned up, allowing you to be able to reduce your mortgage rate further.

Formulating a long-term plan to reduce your debts, improve your credit score and reduce your mortgage rate is key to saving a lot of money.

The Effects of Bankruptcy on Getting a Mortgage

For many individuals, there will come a time where they are faced with some form of financial woe. The fact of the matter is, people tend to shy away from discussing their debt at dinner parties. Unfortunately, this often leads those individuals weighed down under the pressures of financial hardship to feel as ifthey are entirely alone in their struggle.

However, this is not the case.

Out of all the financial adversities that a person can face, bankruptcy is one of the most stigmatized. While the word itself possesses an entire host of negative connotations to go along with it, declaring bankruptcy does not leave you forever in its tracks. Therefore, if you’ve filed for bankruptcy, your dreams of owning a two-story brick home to raise your children in are far from squandered.

The reality is, if you have declared bankruptcy, there are plenty of financing options that can help assist you in securing a mortgage, such as:

Alternative Mortgage Lenders

No credit? No problem. This helpful option can be available to you immediately after your bankruptcy discharge. Here’s everything you need to know about alternative mortgage lenders:

  • Full appraisals are required: Before a lender will sign off on your mortgage, you’ll need to have received a full appraisal that has been approved.
  • Down Payments: A standard down payment for a house being purchased after bankruptcy will need to be, at minimum, 15%.
  • Higher Costs: When borrowing from an alternative lender, you can expect your interest rates to be higher than if you were to borrow from a prime mortgage lender. However, if you have re-established some good credit and are willing to pay a higher down payment, these rates will be lower.

Prime Mortgage Lenders

Small down payments of as low as 5%, low interest rates, and more – that’s what you can expect when you get approved for a mortgage from a prime lender. Here’s everything you need to know about prime mortgage lenders:

  • It will take more time: Borrowing from a prime lender requires you to wait at least 2 years after your bankruptcy discharge depending on the lender. In fact, some lenders require a three to six year waiting period after the fact.
  • Your down payment is made with your funds: This means no relying on any external monetary sources to fund your payment. This leaves you with the option of dipping into your investment account, RRSP, or other savings account.

Recalibrating your finances after filing for bankruptcy can be a tricky process to navigate on your own. At CCF Mortgage, we use our expertise to ensure that each and every one of our clients’ home buying dreams become a reality. Drop us a line today to learn more about how we can help you obtain mortgage approval!