harry gonzalez

Need some advice

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Hi all,

I would like to know about the possibilities of getting a mortgage if you have a bad credit score. I had failed to pay the monthly bills and because of that, my credit score has been affected. I need to take up a mortgage for a personal reason now and I am worried I might not get it. But one of my friend told me that it is actually possible to get a mortgage even if you have a bad credit. I read some information about it here, http://www.mortgagesmortgages.ca/blog/mortage/can-get-mortgage-bad-credit/. It is said that even though there are high chances that you can take up a mortgage, the interest rate will be high. Is this true? Will I have to pay any additional fee? Need some advice. 

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Hi Harry,


I don't claim to be a mortgage expert but I have been in a similar situation a few years ago. Unfortunately I was too trustworthy and gave a person my phone and they agreed to pay it monthly, they didn't. They hid everything from me and left me with a terrible credit score. Nobody would touch me, even though I earned a good wage. 

The advice I would give to you in this situation is to actually go and explain it to a mortgage broker. This is what I did. It's a matter that they will deal with quite regular and they will be able to assist, it may mean that lender will give you a lower LTV, meaning more cash upfront from you, or as you said, could be a higher rate. But if you take all of your finance & income info to the broker as possible to work in your favour, they should be able to give you the very best option for the present time. Give it a go.


All the best

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