Bad Credit Mortgage (PPC)
Many people experience various setbacks in their lives and have incurred debt where monthly payments are severely hurting their cash flow and way of life. Many people with high interest debt cannot continue to make the agreed upon monthly payments or are only paying off interest and very little principal.
Our the last 25 years we have witnessed many reasons why people get in “over their heads” financially. Loss of job, critical illness, disability, business failure, divorce, careless spending habits, non-budgeting etc. If this is you, don’t worry, you are not alone. Many people experience these problems in their lifetime.
At Majestic Mortgage, we have the ability to relieve the pressure and get you back on track financially. You see it’s not where you “have been” or where you “are now”… its where you are “going” and how to improve your situation.
What Happens when you Get Bad Credit Score
Once you get below the 650 score level, you will likely be eliminated from most “A” mortgage programs. The next level down of institutional mortgage financing can still provide very good rates, but they will be slightly higher if your credit profile was stronger. While the score is something that everyone tends to get fixated on, the rest of your credit profile and transnational history are also going to be important and taken into consideration when a mortgage lender is assessing your application. For example, you could still be declined by an “A” lender when you have a credit score above 650 if you have negatives on your credit history that may concern them.
As your credit score drops, you are continuously limited from the available institutional mortgage programs. There is no exact jumping off point from where institutional programs stop and and private mortgage financing starts, but a generate rule would be at the level where your personal credit score goes below 600.
While private lenders will consider bad credit profiles where the credit score is low and the are a number of recent negatives on the credit profile, privates may also review your profile to get a better sense of your commitment to honor your repayment obligations. As a result, there are also differences in rate availability on the private mortgage side of things as well where very bad credit may pay a higher private mortgage rate than a less severe credit profile.
Majestic Mortgage would like to help good people with bruised or bad credit, discharged bankrupts and people in consumer proposal.
We believe you deserve another chance
We have a Mortgage product for good, bruised and bad credit too.
- Up to 100% Financing
- 6 months to 10 year terms up to 35 yr amortization
- First and Second Mortgages
- Employed, Self-Employed