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™.