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Bad Credit Mortgage Experts

Bad Credit Mortgage Experts

Has your bank declined to finance your mortgage due to bruised credit?  Banks follow a stringent approach to mortgage lending based on credit score and Gross Debt/Total Debt Ratios. However, most Canadians are unaware of the fact that banks are not the only mortgage lenders in Ontario. Lending Circle works with many alternative or B lenders who approve borrowers for mortgages regardless of bruised credit.

Alternative lenders understand that unforeseen life events & decisions made many years ago can sometimes jeopardize one’s credit rating. We have helped many borrowers who after being declined by their financial institution felt they had no choice but to sell their house. Our team’s expertise in bruised credit refinancing can help you refinance your mortgage with the most competitive terms.

Bad Credit? Low Income?

Lending Circle works with established alternative lenders who offer flexible lending criteria to help homeowners refinance with the most competitive rates. Alternative lenders are not beacon score driven for their mortgage products. They also provide more flexibility for Gross Debt & total debt ratios to help borrowers with lower income. They offer terms for 1-3 years so clients can work on rebuilding their credit.

Purchases: Clients with 20% downpayment who are unable to qualify with a bank or A lender due to their credit can take advantage of alternative lenders. We work with B lenders who do not have a minimum beacon score. Alternative lenders also help borrowers who are unable to pass the stress test with A lenders due to their income. B lenders offer more room on Gross Debt Ratio & total debt ratio to help borrowers qualify. We can customize the terms from 1-3 years to help you rebuild your credit and strategize how to move the mortgage to an A lender in near future.

Refinancing: is the process of replacing an existing mortgage with a new one. B Lenders allow up to 80% of home value for mortgage refinances. Sometimes existing lenders will refuse to renew your mortgage due to your credit or payment history. Or they might offer a renewal but may not allow you to access your equity by increasing the mortgage amount. Clients who are looking to refinance but are being declined by their mortgage holders due to credit or income can benefit from alternative lenders. Due to their flexibility on credit & income, they can help you refinance your mortgage up to 80% of home value & help you get cash in hand. Homeowners refinance their mortgage for many reasons:

  1. Lower the interest rate to reduce monthly payments
  2. Existing mortgage lender refuses to renew at the end of the term
  3. Consolidate a second mortgage or home equity loan with new mortgage
  4. Borrow additional funds for any reason

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