In Ontario, a bad credit mortgage gives more people the chance to own their own homes.

Once upon a time, if you had bad credit, you were limited in your options for where to live. You could rent an apartment, or even a single-family home, but homeownership was largely out of the question. Individuals with poor or bad credit are considered high risk, and most lenders don’t like to play the odds. Things have changed today, though. For struggling residents of Ontario, a bad credit mortgage might be just the thing.

A mortgage tailored for individuals with poor credit can give you the means to own your own home, and they’re easier to obtain today than ever before. It really comes down to working with a mortgage broker with the right network of lenders in place. However, there are a couple of things to know about these mortgages before applying for one.

First, understand that in Ontario, a bad credit mortgage is going to come with a higher interest rate than a conventional home loan due to the increased risk. However, if you’re able to shop around with different lenders, you can find an interest rate that fits your budget. You’ll also need to consider the term of the loan – many poor credit home loans are designed to be paid off quickly, allowing you to build your credit and then refinance the home at a lower rate.

When it comes to mortgage brokers capable of working with clients dealing with poor credit, Mortgage Captain stands out. Our network of 50+ lenders spans all of Canada, and includes big banks, conventional lenders and private lenders, ensuring the right mix of options for your needs.

Call us today at 613-296-3892 to start the process of becoming a homeowner.