Once upon a time, if you had bad credit, you were essentially blocked from doing things most of us don’t think twice about, like owning a car or a home. Banks don't lend to people with bad credit, and even secondary lending institutions avoid bad credit applications. What are you supposed to do if you have a couple of financial mistakes marring your credit history? How can someone with bad credit get a mortgage?
It’s not through a bank or another “traditional” type of lender, certainly. Instead, bad credit mortgages in Ontario can be obtained by working through private lenders, with the help of a broker, like Mortgage Captain. Private lending has grown incredibly popular in the years since the recession, in Canada, the US, the UK and many other places. Mortgage brokers in particular are adept at connecting would-be borrowers with private lenders, ready to do their mortgage deal.
Private lenders aren’t only interested in a borrower’s credit history, or even their employment status. At Mortgage Captain, we’ve built one of the largest networks of private lenders available. Not only that, but because we’re not a bank with high overhead, we’re able to pass significant savings on to clients.
Part of this solution involves short-term lending solutions that can help you stay afloat while you address improving your credit situation. Mortgage Captain will help connect you with our network of over 50 trusted lenders so that you will always have access to the most flexible mortgage plans. No need to shop from bank to bank, because we’ll have that information readily available for you. The best part about it is that you don’t have to go through multiple credit score checks and lower your already tenuous credit score.
The short-term loan will, by necessity, have a higher interest rate than longer-term plans, but that’s accounted for in our plan to get you healthy credit. Regular payments on your new mortgage loan will raise your credit score. Once you’ve increased it enough, your interest rate will decrease over time and you’ll open up access to a much wider range of lending options.
Thanks to private lenders like Mortgage Captain, bad credit no longer has to be a burden on your shoulders weighing you down. You no longer have to feel trapped in an unfortunate financial situation. You’ll have the freedom to afford that new home or car and raise your standard of living to what it should be, not limited to what your bad credit has imposed upon you.
Call Mortgage Captain today at 613-296-3892 to start the process, or apply online through our website. Find out just how simple it can be for someone with bad credit to get the mortgage they need.