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Bad Credit Mortgages Overview | Home Loan for Bad Credit

Private companies or individuals who loan funds to borrowers who need a second mortgage.


Is your bank turning you down?

Speak with a mortgage broker who specializes in loans for Canadians with lower credit scores.

Find a broker

Other important factors

You will notice that for some credit scores - take 650 for example - you may be able to qualify for a loan with either a prime lender or a bad...

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Related topics : bad credit loan mortgage lenders / home equity loan bad credit lenders / home equity loan bad credit no mortgage / mortgage broker bad credit home loans / loan bad credit lender

Mortgage Loans from Private Lenders |

Fees associated with a private mortgage loan

With a prime or conventional lender, the broker is paid a commission directly from the lender. When using a private lender, you (the borrower) pay the broker's fee directly. Private loans also incur set-up fees bringing total fees paid between 1-3% of the loan amount.

The good news is, these fees can be financed through the mortgage loan. Let's say...

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Related topics : equity loan mortgage lenders / debt consolidation loan direct lender / consolidation loans direct lenders / mortgage loan debt to income ratio / direct loan lenders

Mortgage Affordability Calculator Canada |

Housing Expenses + Credit Card Interest + Car Payments + Loan Expenses

Annual Income

Ratio should be < 40%

Note that while the industry guideline for GDS and TDS is 32% and 40% respectively, most borrowers with good credit and steady income will be allowed to exceed these limits. The maximum allowed is 39% and 44%. The calculator uses these maximums to estimate affordability.

Down Payment


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Related topics : mortgage loan debt to income ratio calculator / loan payment calculator mortgage / mortgage loan debt to income ratio / mortgage loan debt ratio / calculating loan payments formula

Mortgage Broker vs. Bank | What is a Mortgage Broker?


The Mortgage Centre, Dominion Lending, Safebridge Financial, CanWise Financial


Banks allow you to consolidate your services with a provider you have an ongoing relationship with and have deemed trustworthy.

Mortgage brokers essentially 'shop' around, negotiate for you, and present the lowest rate on the market. Volume discounts achieved by mortgage brokers are...

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Related topics : loan mortgage rates today / mortgage rate home loan / mortgage loan rates current / mortgage loan rate of interest / loan mortgage rate

Mortgage Term vs. Amortization | Loan Payment Timeline

Mortgage Term vs. Amortization

One of the most common sources of confusion for prospective home buyers is the difference between a mortgage term and amortization period. A typical mortgage in Canada has a 5-year term with a 25-year amortization period.

Mortgage term

Mortgage amortization


The length of time you are committed to a mortgage rate, lender, and conditions set out by the...

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Related topics : mortgage rate home loan / mortgage loan rate of interest / loan mortgage rate / term loan a vs b / short term loan lenders

First-Time Home Buyer Education Centre |

Tax credits for first-time home buyers

If you're buying your first home you may have access to a number of tax breaks. These include the First-Time Home Buyers' Tax Credit which is claimed on your annual tax return. In most provinces, first-time home buyers can also claim a land transfer tax rebate. First-time home buyers can also take advantage of tax-sheltered savings using the Home Buyer's Plan, which allows you to withdraw money tax-free from your RRSP to buy a home.

First-time home buyer programs


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Related topics : new homes buyers / new homes buying process / new homes buy / to buy homes / buy homes