Many people in Whitby are turned down for a mortgage every year because they have bad credit. Homeowners can still get a bad credit mortgage from a lender, it will just have a higher interest rate.
How To Qualify for a Bad Credit Mortgage
The first step is the apply for a mortgage. Call or email and explain your situation. Is you credit score really bad or is it just a little low and how did this happen. Our broker can get a copy of your credit report and determine what can be done to improve your credit rating.
Appraisal for Mortgage
In most cases when a home owner applies for a mortgage an appraisal is required, this is especially true if bad credit is involved. An appraisal is done to determine the fair market value of the property at the present time. Lenders will provide funding up to a maximum of 85% on a bad credit mortgage.