27 Mar

The Ultimate Guide to Securing the Perfect Mortgage: Tips for Success

General

Posted by: Jenni MacDonald

The Ultimate Guide to Securing the Perfect Mortgage: Tips for Success

Are you in the market for a new home? This comprehensive guide will help you navigate the complex world of mortgage brokerage to find the best mortgage deals. Follow these expert tips to secure the perfect mortgage for your dream home.

1. Understand Your Financial Situation

Before you start the mortgage application process, it’s crucial to have a thorough understanding of your financial situation. Calculate your monthly income, expenses, and existing debts to determine how much you can afford to borrow. Consider using online mortgage calculators to estimate your borrowing power.

Key Takeaways:

  • Analyze your monthly income, expenses, and debt
  • Use online mortgage calculators to estimate borrowing power

2. Research Mortgage Types and Rates

With a variety of mortgage options available, it’s essential to research and compare different mortgage types and rates. Fixed-rate and adjustable-rate mortgages are popular options, but each has its pros and cons. Speak with a professional mortgage broker to help you decide on the best mortgage type for your needs.

Key Takeaways:

  • Understand the difference between fixed-rate and adjustable-rate mortgages
  • Consult with a mortgage broker to find the best mortgage type for your needs

3. Get Pre-Approved for a Mortgage

Obtaining a mortgage pre-approval can significantly increase your chances of securing your dream home. A pre-approval letter shows sellers that you are a serious buyer with the financial means to purchase their property. Consult with a mortgage broker to guide you through the pre-approval process.

Key Takeaways:

  • A pre-approval letter demonstrates your financial stability to sellers
  • Consult with a mortgage broker for assistance with the pre-approval process

4. Boost Your Credit Score

A higher credit score increases your chances of securing a favourable mortgage rate. Pay your bills on time, reduce your overall debt, and review your credit report for errors to improve your credit score. A mortgage broker can provide guidance on how to improve your creditworthiness.

Key Takeaways:

  • Pay bills on time and reduce debt to boost your credit score
  • Review your credit report for errors
  • Seek advice from a mortgage broker on improving your creditworthiness

5. Save for a Down Payment

Having a larger down payment can help you secure better mortgage terms and reduce your monthly payments. Aim to save at least 20% of the home’s purchase price to avoid paying private mortgage insurance (PMI). Consult with a mortgage broker for personalized advice on saving for a down payment.

Key Takeaways:

  • Save at least 20% for a down payment to avoid PMI
  • Consult with a mortgage broker for personalized advice on saving strategies

Conclusion

Securing the perfect mortgage is a crucial step in the home-buying process. By understanding your financial situation, researching mortgage types and rates

 

10 Mar

Is Spring 2023 the Right Time for You to Buy a Home?

General

Posted by: Jenni MacDonald

Home prices are predicted to continue seeing reductions in 2023, and interest rates may not drop until 2024. But despite this, many potential homebuyers are still looking to take advantage of the current market conditions. So, is Spring 2023 the right time for you to buy a home?

Here are five key signs to know if you’re ready to make the leap into homeownership:

  1. Stable Income: For most first-time homebuyers, purchasing a house indicates that you can make regular payments to service a mortgage. It’s essential to have a secure and steady flow of income to make these payments over the length of your home loan period. While this is often thought to mean that you work a full-time job, many self-employed Canadians also have stable incomes. Alternative lenders are willing to listen to unique financial situations.
  2. Down Payment Ready: Having enough money on hand for a down payment is important because it impacts the type of house you can buy, the amount you need to borrow, and the range of financing options you qualify for. It’s essential to ensure that you have enough money set aside for a down payment.
  3. Area of Growth: Buying a house means putting down roots, so you need to make sure that you can buy a house in an area that suits your needs and lifestyle. You should also be able to envision yourself living in that area over the next five to ten years. Research the area to make sure it’s a good fit for your lifestyle and goals.
  4. Comfortable Managing Debt: Paying for a house involves having the discipline and commitment to stick to a budget. Take some time to track your spending habits over a couple of months to find out if you are comfortable setting aside roughly 30% of your income to pay for your mortgage debt.
  5. Emergency Fund: Owning a home means that unexpected home maintenance expenses, such as plumbing and electrical repairs, could eat into your budget. It’s important to have an emergency fund on hand to cover six months’ worth of expenses.

If you feel that these signs point to ‘yes’ or have more questions about purchasing a home this Spring, don’t hesitate to reach out directly for expert mortgage advice. With the right preparation, Spring 2023 could be the perfect time for you to purchase your dream home.

13 Feb

What to Know about Second Mortgages

General

Posted by: Jenni MacDonald

A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally, people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such as credit cards and student loans) that a second mortgage might offer.

If you are considering a second mortgage for any reason, here are a few key points to keep in mind:

Second Mortgages and Home Equity:

Your second mortgage and what you can qualify for hinges on the equity that you have built up in your home. Second mortgages typically allow you to access up to a max of 80% of the home value; very few lenders will consider a second mortgage over 80% of the home value.

For example, if you are seeking an 80% Loan-to-Value loan (“LTV”):

House Value $850,000
80% LTV (maximum mortgage amount) $680,000
less: First Mortgage ($550,000)
Amount Available Through Second Mortgage $130,000

Second Mortgages and Interest Rates:

When it comes to a second mortgage, these are typically higher-risk loans for lenders. As a result, most second mortgages will have a higher interest rate than a typical home loan. There is also the option of working with alternative and private lenders depending on your situation and financial standing. Keep in mind, typically lenders who offer a second mortgage are private lender MICs (Mortgage Investment Companies) – in addition to some trust companies and credit unions. For major banking institutions, you would need to hold your first mortgage with them in order to be considered for a second mortgage.

Second Mortgage Payments:

One advantage when it comes to a second mortgage is that they have attractive payment factors. For instance, you can opt for interest-only payments, or you can select to pay the interest plus the principal loan amount. Work with your mortgage broker to discuss options and what would work best for your situation.

Second Mortgage Additional Fees:

A second mortgage often comes with additional fees that you should be aware of before going into the transaction. These fees can vary widely but often are a percentage of the mortgage.  Other fees to consider include appraisal fees, legal fees to set up the second mortgage and any lender or broker administration fees (particularly with alternative or private lenders).

Second mortgages are a great option for many homeowners and, in some cases, maybe a better solution than a refinance or a Home Equity Loan (HELOC). If you are interested in learning more or want to find out if a second mortgage is right for you, don’t hesitate to reach out to me today.

 

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

10 Jan

Alternative Lending

General

Posted by: Jenni MacDonald

When traditional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, it is important to remember that there is always an alternative!

If you’re seeking a mortgage, but your application doesn’t fit into the box of the big traditional institutions, you’ll find yourself in what’s commonly referred to in the industry as the “Alternative-A” or “B” lending space.

These lenders come in three classifications:

  • Alt A lenders consist of banks, trust companies and monoline lenders. These are large institutional lenders that are regulated both provincially and federally, but have products that may speak to consumers who require broader qualifying criteria to obtain a mortgage.
  • MICs (Mortgage Investment Companies) are much like Alt A lender but are organized in accordance with the Income Tax Act with an incorporated lending company consisting of a group of individual shareholder investors that pool money together to lend out on mortgages. These lenders follow individual qualifying lending criteria but tend to operate with an even broader qualifying regime.
  • Private Lenders are typically individual investors who lend their own personal funds but can sometimes also be a company formed specifically to lend money for mortgages that carry a higher risk of default relative to a borrower’s situation.  These types of lenders are generally unregulated and tend to cater to those with a higher risk profile.

All classifications noted above price to risk when it comes to a mortgage. The more broad the guidelines are for a particular mortgage contract, the more risk the lender assumes. This in turn will yield a higher cost to the borrower typically in the form of a higher interest rate.

Before considering an alternative mortgage, here are some questions you should ask yourself:

  1. What issue is keeping me from qualifying for a traditional “A” mortgage today?
  2. How long will it take me to correct this issue and qualify for a traditional lender mortgage?
  3. How much do I have to improve my credit situation or score?
  4. How much do I currently have available as a down payment?
  5. Am I willing to wait until I can qualify for a regular mortgage, or do I want/need to get into a certain home today?
  6. Is this mortgage sustainable? Can I afford the larger interest rate?
  7. Can I exit this lender down the road in the event the lender does not renew or I cannot afford this alternative option much longer?

If you are someone who is ready to go ahead with an alternative mortgage due to a weaker credit score, or you don’t want to wait until you’re able to qualify with a traditional lender, these are some additional questions to ask when reviewing an alternative mortgage product:

  1. How high is the interest rate? What are the fees involved and are these fees paid from the proceeds, added to the balance or paid out of pocket
  2. What is the penalty for missed mortgage payments? How are they calculated? What is the cost to get out of the mortgage altogether?
  3. Is there a prepayment privilege? For example, are you able to avoid penalties if you give the lender a higher mortgage payment once a month?
  4. What is the cost of each monthly mortgage payment?
  5. What happens at the end of the term. Is a renewal an option and what are the costs to renew if applicable
  6. What is the fine print?

When it comes to the alternative lending space, things can get complex. Contact me today if you’re considering an alternative lender and I can help you source out various mortgage products, as well as review the rates and terms to ensure it is the best fit.

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

19 Dec

Budgeting for the Year Ahead

General

Posted by: Jenni MacDonald

With the recent inflation and rising prices occurring across the country, it is time to take control of your finances. One of the quickest ways to understand where your money is going and where you can make changes, is to create a monthly budget.

This will help you get a snapshot of your income compared to your spending, and provides an avenue to review all of your outgoing costs and helps you make changes to increase your monthly cashflow – or just feel less stressed!

Step 1: Calculate Your Income
The very first step to creating any budget is determining your income – knowing exactly how much money you bring in is important to understanding what you have available to spend. Remember to focus on NET INCOME versus gross salary, as budgeting for more than you can afford will lead to overspending.

Step 2: Track Your Spending
Once you have determined your income, you will want to take a look at your spending. Reviewing and categorizing all your monthly bills can help you breakdown exactly where your money goes and make some priorities to mark where changes can be made. To start, first list out your fixed expenses – these are things like car payments, loans, rent or mortgage costs that do not change on a monthly basis. Next, you will want to take a look at your variable expenses – things like groceries, gas, entertainment, etc. and determine your average spend. This is typically the area where people are able to cut back.

Step 3: Set Realistic Goals
Realistic goals are vital for long-lasting financial health. It is important to determine what you cannot live without and where you can cut costs or scale back on spending. Ideally, when it comes to your monthly budget, you want to consider the 50/30/20 rule, which applies the following:

  • 50% of your spending is for NEEDS such as rent or mortgage payments, car payments, utilities and groceries
  • 30% of your income goes to WANTS such as shopping, vacations, streaming services, etc.
  • 20% of your income goes to SAVINGS OR DEBT such as emergency funds, retirement, child’s education and/or credit card payments

Step 4: Make a Plan
Once you have your goals set, you can now make a plan to tackle your financial position and ensure a healthy cashflow each month. For some, setting realistic spending limits for each category works well. For others, taking a look at the importance of their expenses and re-prioritizing can free up funds.

Step 5: Adjust Your Spending
Now that you have determined how much money you bring in per month and what you spend it on, you can take a look at adjusting your spending to ensure you remain on budget. Taking a realistic look at your wants is a great place to cut out frivolous spending beyond a reasonable amount. This is also a great time to review your fixed expenses. Perhaps you can save money by getting a better interest rate on your mortgage or changing the payment schedule for your loan. Be sure to connect with a me before making any changes to your mortgage!

Step 6: Stay on Track
Tracking your budget on a monthly basis is important to catch any changes in your spending habits. As well, it is a good idea to conduct an annual review and take into account any increase in expenses or wages that may require shifts in your overall plan.

The Government of Canada has an online budget planner tool available as well if you need further assistance! You can find it here.

Remember: A healthy budget is key to financial freedom and comfort.
6 Oct

Don’t Get Spooked! First-Time Homebuyer Tips

General

Posted by: Jenni MacDonald

Whether you’re currently in the process of looking for your first home or have just started to think about it, I have some first-time homebuyer tips to help make your journey as easy as possible!

Some of these you may already know about, and some you might not, but they are sure to make your first homebuying experience that much easier!
Get Pre-Approved

Having your mortgage pre-approved is an important step in the process and benefits you in three ways:

  • Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range. Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.
  • Pre-approval guarantees the rate offered and locks it in for up to 120 days. This protects you from any increases in interest rates while you are shopping (phew!). Make sure to ask exactly how long your pre-approval is good for!
  • Pre-approval lets the seller know that securing financing should not be an issue, which is beneficial in competitive markets!

Keep in mind, this is not the same as final mortgage financing approval, but it can be a very helpful step in the process towards getting your final approval by helping you work within your budget.

Using the My Mortgage Toolbox app can help you get pre-qualified as part of your pre-approval – right from your mobile phone! In addition, this incredible tool can help you calculate your closing costs and even your potential monthly mortgage payments.

Maintain Your Credit

If you are currently looking at homes or thinking about looking at homes, it is vital to maintain your credit throughout the entire mortgage process. Be sure to continue to pay your bills on time, refrain from applying for new credit, closing off credit accounts or committing to any other large purchases (i.e. new car), and also avoid pulling additional credit reports once you have been pre-approved. Another helpful tip is to keep any credit card balances below 70% of the limit to help skyrocket your score!

Utilize Your RRSPs

Did you know? The Home Buyer’s Plan allows you to utilize up to $35,000 from your RRSP and put it towards a down payment on a new home, which you can repay over a 15-year period. You must be a first-time home buyer to qualify.

Take Advantage of Government Programs

There are various government programs in place that provide some financial relief in the form of rebates and tax refunds, including:

  • First-Time Home Buyer (FTHB) Tax Credit: First-time home owners would get a credit of $1,500 if you qualify. Learn more.
  • First Time Home Buyer Incentive: The government will cover 5% of the purchase price on a resale home or up to 10% on a newly constructed home, if you qualify. Learn more.
  • GST/HST New Housing Rebate: You may qualify for a rebate for some of the GST or HST paid on the purchase price or cost of building your new house. Learn more.

There are also additional programs and support available depending on your province that are worth looking into, including land transfer and property transfer rebates, first-time homebuyer tax credits, homeownership support programs and more.

Contact Me for Expert Advice!

Before you get started on your homebuying journey, make sure to reach out to me for expert advice on choosing the right mortgage options, determining your budget, getting your pre-approval, and more!
26 Sep

Understanding Mortgage Trigger Points

General

Posted by: Jenni MacDonald

While inflation has now likely peaked, we will still be dealing with the repercussions from these heightened levels for a while before things balance out. As  inflation is corrected, we are also seeing home prices moving back to normal post-pandemic era.

However, we are still anticipating some final rate hikes from the Bank of Canada coming into the fall.

With that in mind, now is an important time to discuss what this means for your mortgage – specifically in regards to trigger points. Another increase in rates on the horizon will put many variable-rate borrowers near their mortgage trigger points – even for fixed payments.

While static payment variable-rate mortgages are not designed to fluctuate with prime, the reality is that a mortgage payment consistent of two components: your principle and your interest. With the existing rates and subsequent increases expected in the fall, the amount paid towards principle has decreased with an increase in the amount of interest on a static mortgage. For instance, if you are paying $2000 a month on your mortgage, only $200 might be going towards the principle with the rest covering interest. An additional increase to the interest rate, means that your interest portion will spike again and may actually exceed your total payment. When this occurs, it is called hitting your trigger rate.

You can calculate your own trigger rate with the following formula: (Payment amount X number of payments per year / balance owing) X 100) to get your trigger rate in percentage.

If you have reached your trigger rate, don’t panic. You are certainly not alone and there are options:

  • Adjust Your Payment: Firstly, you may choose to adjust your payment amount to ensure that you still have some going towards your principal balance.
  • Review Your Amortization Schedule: Consider switching your amortization schedule from 20-year to 25-year which would be ideal if you already have equity in your home. However, if you’re already at your maximum amortization for your lender (i.e. 30-year mortgage), you would need to increase your payment.
  • Switch to a Fixed-Rate Mortgage: Many borrowers are now choosing to opt for a fixed-rate mortgage to avoid the issue of increased interest and trigger rates. Keep in mind, depending on your mortgage product, you may face penalties if you switch your mortgage mid-term. Be sure to discuss any mortgage changes with me before going ahead.
  • Pay Off Your Mortgage: The final option that is always there is for you to pay off your mortgage entirely. Though don’t fret if this is not possible!

While I understand words like “inflation” and “trigger rates” can be scary, as your dedicated mortgage professional I am here for you. I would be happy to discuss any concerns you have or help explain in more detail how these changes may impact your mortgage and what your options are.

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

19 Sep

Have you Started to Use your Credit Cards to Cover your Living Expenses?

General

Posted by: Jenni MacDonald

Equifax released a recent report that shows Canadians are starting to use their credit cards to pay for groceries and fuel.  This trend indicates that people are using credit to cover their everyday living expenses because their income and savings are no longer enough.  I would caution you against increasing credit card debt since the interest rates are significantly higher than mortgage interest rates and can leave you in a downward spiral of trying to get out of debt in the future.  

Maybe refinancing your home or applying for a Home Equity Line of Credit from your current lender or getting a second mortgage could be options to get through this tough time. 

Refinancing Your Home

 

HOW MUCH CAN I GET?

Whether it’s for some new furniture, some house upgrades or to cover some monthly costs, the mortgage rules allow a maximum amount of up to 80% of the appraised value of your home to be available for a refinance.  If you qualify, the rates will not be the advertised rates that you see from major lenders.  Typically, the rate for a refinance mortgage is about 0.5% – 1% higher than the advertised rates on a 5-year fixed term.  You also have the option of getting an extended amortization of 30 years to help offset the higher monthly payments.  The longer amortization may also help with having to qualify the payments at 2% over the interest rate you will pay (stress test).  

WHAT IS THE COST?

If you are refinancing your first mortgage and it is not time to renew yet, you could look at the option o getting a Home Equity Line of Credit from your current lender to top up the mortgage amount registered on your home.  

If that option does not work, you can look at refinancing the first mortgage.  There will probably be a penalty.  The amount of the penalty will vary so your best option is to call your current lender and ask what the penalty would be to payout the current mortgage.  The other possible costs associated with refinancing a first mortgage is an appraisal (Cost around $450) and legal fees to discharge the current mortgage and register the new mortgage (Cost around $1,500).  

WHAT IF THE PENALTY IS TOO HIGH?

In rare cases, you may need to consider looking at a private mortgage in a new first mortgage position or getting a private second mortgage.  Private mortgages in first position are usually at higher rates (around 10% plus fees).  Private mortgages in second position are even higher at 12% – 15% interest plus fees.  However, there are some private lending options that offer lower rates with a higher fee.   

WHAT IF I AM A SENIOR AND DON’T HAVE ENOUGH INCOME TO QUALIFY?

If you are over 55 years of age and have limited income and owe less than 50% of the value of your home, you may want to consider a CHIP Reverse Mortgage.  This option has become the best choice for some clients that have lost their part-time jobs.  Please contact me for details regarding your specific situation to make sure it is the best option for you.

While I don’t always recommend a refinance; in specific cases, it may be your best financial option to get through a crisis instead of running up your credit cards and hurting your credit score.  Getting good advice from a Mortgage Broker is the best first step to make when you are considering the refinance option.  

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

25 Jul

Purchase Plus Improvements Mortgage.

General

Posted by: Jenni MacDonald

When it comes to shopping for your perfect home, it can be hard to find the exact one ready to go! If you are looking into a home that requires improvements, there is a mortgage product known as Purchase Plus Improvements (PPI). This type of mortgage is available to assist buyers with making simple upgrades, not conduct a major renovation where structural modifications are made. Simple renovations include paint, flooring, windows, hot-water tank, new furnace, kitchen updates, bathroom updates, new roof, basement finishing, and more.

Depending on whether you have a conventional or high-ratio mortgage, if it is insured or uninsurable, and which insurer you use, the Purchase Plus Improvements (PPI) product can allow you to borrow between 10% and 20% of the initial property value for renovations. Additional insight on how the qualifying structure works can be found in the table below:

Type Requirement
Uninsurable $40,000 or 10% of the “initial” value of the property, whichever is less
CMHC Insurable Can exceed $40,000 but not 10% of the “as improved” value of the property.
Sagen™/Canada Guaranty Insurable Can be 20% of the “initial” value of the property but the improvement amount cannot exceed $40,000

The main difference between a regular mortgage and a purchase plus home improvements program is the need for quotes. As part of the verification process, your mortgage professional and the lender will need to see a quote for the work that is planned for the improvements. The quotes will provide us with the cost and plan details required to secure the final approval.

Working with your realtor, your mortgage professional will help guide you through the final approval process, which works as follows:

  1. Find a home
  2. Apply and get approved for a Purchase Plus Improvements mortgage
  3. Get firm quotes on the improvements
  4. Get an appraisal for the estimated as-is and as-improved value of the property.
    • This will be ordered by your lender or broker and quotes are typically reviewed by the appraiser.
    • Note: If you are putting less than 20% down payment on the purchase, often only a final inspection is required to confirm the work on the quotes has, in fact, been done.
  1. Close the purchase
  2. Depending on your down payment, the lender may provide up to:
    • 80% of the as-improved value, less the cost of improvements (if on an uninsured mortgage)
    • 95% of the as-improved value, less the cost of improvements (if on a default-insured mortgage)
  3. Start the improvements
    • The initial advance of funds will be up to 95% of the approved value of the property minus the improvements. You will usually have to pay a portion of the improvements upfront via savings, credit card, personal line of credit, parental funds, etc.
  4. Notify the lender when the project is complete
    • At this point, an inspector/appraiser will confirm the work has been completed to the specifications agreed by the lender
    • Once the lender verifies the inspection report, the balance of funds is advanced.

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

23 Jun

6 Reasons to use a Mortgage Broker instead of a Bank?

General

Posted by: Jenni MacDonald

For most people, it’s a habit to go to your bank to get a mortgage.  However, it’s not always your best option.

I recommend going to a Mortgage Broker, obviously because I am one.  But let me give you six reasons why it’s probably a better option for you.

Mortgage Brokers Study Mortgages.  That’s it!

When you go to a bank, the person sitting across the table from you studies a whole spectrum of different products.  They know GICs,  lines of credit,  credit cards & they also know mortgages. But their time is now split between all these different products.  Whereas when you go to a Mortgage Broker, we learn mortgages, we learn the changes, we learn the regulations, we learn different lenders and what the regulations are for each lender.

It Will Save You Time

A Mortgage Broker collects everything upfront and looks at all the different options available for you without you having to go ‘bank to bank to bank’.

It Will Save You Money

This is primarily because of the number of mortgages that we send to each lender.  We often get discounted interest rates for you.  In fact, sometimes we can get you a better rate at your own branch than you can.  Keep in mind we have access to many lenders, not just the bank that you often go to.

Reduces Your Stress

Reason enough to go to a Mortgage Broker.  A Mortgage Broker is going to collect your documents.  We understand timelines, we understand the urgency.  We communicate with your real estate agent to make sure that all the deadlines are being met.  We do the worrying for you so you can sit back and enjoy your life.

Our Service is FREE!

Your opinion matters to us.  It’s the lenders that pay us to find clients for them.  So my business is based on how good a job I do for you.  If I do a great job for you, you’re going to tell your friends. So of course I’m going to work hard to do my best for you.  And in the meantime, the lender is paying me.

Why not use a free service?

We Consider All Kinds Of Situations

A bank doesn’t have the flexibility to look at clients who might have a bankruptcy in their past, people that might have bruises on their credit because of a fraudulent situation or they cosigned a cell phone for a friend (a really bad idea by the way).  We have lenders that are going to consider lots and lots of situations.

We have banks, we have credit unions.  We have what we call equity lenders.  We also have private lenders, citizens, in Cornwall that have extra money and they are looking to do private mortgages, which can really help in some tight situations to get somebody into their house or get them through a hard time in life.

 

For more information on Credit Scores visit https://jmacdonald.ca/mortgage-tips/credit-scores-score/