What Is The Minimum Credit Score For a Bad Credit Mortgage?
Are you secretly afraid of not being enough? That your best efforts may still result in failure and that you don’t have what it takes to win for your family? It’s surprising how many of us struggle with feeling like this. How does this affect your mortgage?
Is My Credit Score Good Enough?
Often when speaking with my clients the conversation eventually gets around to your credit score. All of a sudden the atmosphere in the room changes and with a hint of embarrassment you say something like…’But my credit is not that good.’ When I ask why you think this the answer, the response is usually…‘my banker told me’ and that is all you have to go on.
The reality is that you are on the field of life. Like it or not the bank has set itself up as your opposition. And they are an ugly, mean, and nasty team who don’t always play by the rules. Is it smart to ask the enemy if you have what it takes to win? I didn’t think so.
Why Does The Bank Think I Have Bad Credit?
Now that we can see the indifference in our opponent’s eyes, let’s talk about what you need to get a mortgage touchdown. The bank will try to block you with:
- Minimum Credit Score – Achieving a specific number is only one aspect of the mortgage approval process. Banks are notorious for changing the actual requirements needed to be approved based on the additional data available in your report. With other lending options, the absolute minimum credit score you will need for a bad credit mortgage is 550.
- Withholding Information – There may be key information in your report that could easily enable you to fix your credit that the bank also doesn’t feel the need to share with you. In addition to this, 1 in 3 Canadians have errors on their report that if corrected could lead to a better score. Wouldn’t the banker share this with you if they were on your side?
- Causing Poor Credit – The unfortunate reality is that the bank has caused a surprising amount of Ontario homeowners to have bad credit by selling them on credit cards they didn’t need or want.
How To Get a Mortgage, Even With Bad Credit
You’ve been talking with a new head coach. I have been practicing with you and we have come up with a new play. We’ve coined it the ‘Mortgage Play of the Century’. This is a powerful strategy that has helped my clients beat the banks at their own game.
We utilize a non bank lender to borrow what you need for a short term, just long enough to improve your credit, and then get you back to the best mortgage interest rates.
Choose a Mortgage Broker that has access to powerful industry technology that provides up to date access to changes and leverages this information on your behalf. I work full time time in this industry and share the bank’s secrets to help my clients clean up their credit for breakfast.
Find out more about all the things you need to know about Bad Credit Mortgages
Winning At Your Mortgage Regardless of Your Credit
I have this unwavering hope. That you will look me in the eye and say to me…’put me in coach’ just one more time. And that by the assurance that comes from having a rock solid strategy you will score a win for your family and know, deep inside, that you do have what it takes. Securing your best mortgage even with bruised credit.
You can beat the bank at their own game by contacting me today…your loved ones will praise you!