What Is The Interest Rate For a Bad Credit Mortgage?

Sign on the dotted line please. You feel the pressure rise as a pen is squeezed into your hand. You smile on the outside but you can’t help but wonder, ‘Am I missing out on a better mortgage…even with bad credit?’

Mortgage Options For Bad Credit

We are blessed to live in one of the richest Countries in the world. And there is a direct connection between the quality of life of people in a Country and the amount of lending options available to those people.

Canada has chartered banks, trust companies, and credit unions that loan out mortgages. There are also Mortgage Finance Companies, National Equity Lenders, Mortgage Investment Corporations, and Private Mortgage Lenders who round out the vast options available to you as a homeowner.

What this means is that if you have bruised credit today you aren’t stuck and can find a better lender tomorrow.

Does Bad Credit Mean High Interest Rates?

Let’s break it down into each lender category and the interest rate range you can expect from them:

  1. Trust Companies and Credit Unions – This is the first category of lenders who provide loans for mortgage borrowers with bruised credit. The interest rate range is typically 3 – 5%
  2. Mortgage Finance Companies – Another great option for your bad credit mortgage. Their interest rate range is between 3 – 4.5%
  3. National Equity Lenders – This type of lender focuses more on your property’s value than your credit and their interest rate range is between 4 – 6%
  4. Mortgage Investment Corporations – This is the last group of lenders that would approve your mortgage with bad credit. Their interest rate range is between 5.5 – 8% 

Now you find your spouse looking at you as you waiver…with that loan officer’s fancy pen in your hand. You realize that the next five years are going to be hell if you don’t do something about this. There has to be a better option. 

I want to empower you here. There is a tool to get your family the best mortgage for your situation despite having bruised credit. It is called ‘Preparedness’ and you can use it on your next chance. 

My role as your Mortgage Broker is to give you a boost in this department. As the captain of a vehicle that takes people to their best mortgage I have tipped my hat to you and your spouse when you reach out to me. You now have someone in your corner who will advocate for your best mortgage. All you now need to do is stand and leave.

Find out more about all the things you need to know about Bad Credit Mortgages

Your Best Mortgage For Bad Credit Made Easy

A recent client of mine was offered a mortgage. They were not comfortable with the offer and reached out to me for a second opinion. I found them an interest rate that was 8% better! You heard that correctly. How is that for a completely different experience?

So what are you going to do? Are you going to stick it out? Or worse, sign the dotted line with your gut screaming NO! You deserve so much better.

So get up and walk out, your spouse beaming at your resolve. Now take advantage of this remarkable opportunity for your best mortgage by contacting me today.