Get a guaranteed loan, even with poor credit
Even if your credit is shaky, we can usually find a lender to look after your needs.
You often hear bankers or loan officers talk about your credit rating or your credit score. With many lenders, a poor score does determine whether you can qualify for a mortgage with them. But with us, we have a number of lenders that don’t rely on your credit score, but rather can give you a guaranteed loan because of the equity in your property.
How does that work, you may ask. OK, let’s talk about credit reports first. Most conventional lenders will want you to have good credit to qualify. A qualifying score would be 680+.
Where do they get this information and what does it mean? With a Canadian credit report, information about your credit and payment habits are collected by credit bureaus. In Canada, there are two major credit bureaus 1) Equifax, and 2) Trans Union.
With a Canadian mortgage lender, credit grantors provide these companies with information on how their customers pay their bills. These bureaus then assemble this information, along with public record information obtained from courthouses around the country, into a “file” on each customer.
In return, credit grantors (e.g. banks, leasing companies, credit card companies) can obtain credit reports about consumers before giving them a Canadian mortgage loan or issuing them credit.
Credit reports do not approve or reject consumer applications for credit or a Canada mortgage. They merely report the information provided by the credit grantors. Different credit grantors have different criteria for evaluating loan requests.
For example, when applying for an Canada home loan, a lender will look at more than just your credit score, called the beacon score. They will look at each of the individual entries and see how you have done recently. Simply looking at the score does not reveal everything.
With our lenders, they look at the equity position that you have in your property. If the difference between “what you owe” and the “value of your property” is great enough, they will have no problem guaranteeing that you can get the money you need.
Please apply with us right away and we’ll get back to you immediately.