If you already own a home, you may be able to refinance it and get a new mortgage. The same mortgage lenders that help people buy a home when they have bad credit, will also look at a refinance mortgage application. An experienced mortgage broker can let you know your options. Why would you do this?
Maybe your current lender is not willing to renew your mortgage, because you no longer qualify, have been laid off, or you can’t prove your income.
Maybe you want to do some renovations to your house.
Maybe you want to use mortgage funds to pay off other high interest debt, like credit cards or car loans.
Maybe you need extra funds for a personal or family matter, like tuition, vacation, business capital or a home renovation
When your bank says no, it is our job to work with our lender partners to see if we can get you a mortgage that is right for you. It is important to work with a professional bad credit mortgage broker with lots of experience because of all the different policies of lenders. For example, the rules on the minimum size of the property are different for different lenders. This is one trivial detail of many that your mortgage broker must take into account when finding you a mortgage.
A good mortgage broker knows that bad credit mortgages are a short term solution. These mortgages should be done on a shorter term between 1 and 3 years. Your bad credit mortgage broker will help you put a plan in place to better your situation and help improve your credit score. This long term relationship will help you get back into a mainstream mortgage at very competitive interest rates.
Next Day Mortgage can help you refinance your home in Toronto, Ontario with Bad Credit. Be sure to ask about our No Payment Mortgage™.