There are options available for individuals and families with bad credit who have been declined by their ﬁnancial institution. In order to qualify with a major bank at best rates you will require clean credit, stable employment and a positive net worth. You or your spouse many not ﬁt the bankers box, but there are other options for you. Many lenders and private lenders specialize in mortgage products for individuals such as yourself. If your bank is declining your mortgage application talk with Cindy Janisch – mortgage broker in Edmonton to review your mortgage application and get qualiﬁed with a different lender.
There are many different ﬁnancial Trust Companies and Private lenders taking applications for people who do not qualify in traditional methods. Some applicants may have bad credit, limited proof of income, negative net worth, owe taxes to the Canadian Revenue Agency, previous bankruptcy, in consumer proposal, New to Canada or nonlanded immigrants, no established credit or self employed.
Not all mortgages are created equal, so to say, and neither is your personal ﬁnancial history. Many Canadians have lost their job, gone through a difﬁcult divorce, had a business venture go side ways, there are endless reasons why your application may not ﬁt with a major bank. But, that does not mean that you do not qualify. You will have to qualify with a different lender with slightly higher interest rates and terms from 1-5 years. There may be additional fees added to the mortgage depending on circumstances of your application.
The Trust Companies will review your application with different expectations then the major banks. If you have equity in your home it is easier to access it with a lender who will take the additional risk associated with your application. These lenders will look at the Equity or Down Payment for the home, type of income earned, property type and location of the property. With a previous bankruptcy we can obtain approval for the purchase or reﬁnance of your home, however, all cases you will require re established credit with a minimum of two trade lines (credit card, loan, line of credit)
There is a need for different types of lending as there are many different people who would like to own their own home or access the equity in their home. There are no bad applications and I would like to work with you to get a sound ﬁnancial plan established so that you can get into a home or get past the ﬁnancial hardship and re establish your credit so that we can move you into a traditional lender with best rates. Contact Cindy Janisch and have an educated conversation about where you are at currently and were you are heading in the future.