Bad Credit Mortgage in St John's
Bad credit doesn’t have to mean a bad deal. At Mortgage Alliance - Shoreline Mortgages, Inc., we specialize in finding great mortgages for people with poor credit scores. We connect our clients with a variety of lenders, helping them shop the most competitive deals on the market.
Call us at (709) 699-5727 to schedule a consultation today.
Can I Get a Mortgage with Bad Credit?
It’s a common misconception that having bad credit will stop you from getting a mortgage. In fact, there are plenty of mortgage plans that are designed specifically for borrowers with poor credit.
You’ll most likely be able to find a mortgage, even if you have bad credit. However, where you may run into trouble is your number of options. Generally speaking, there will be fewer lenders who will be willing to give you a loan. Nevertheless, you should be able to find something, if not from a national bank, then from a secondary lender or a private lender that specializes in mortgages for people with bad credit.
Competitive Mortgage Plans, Despite Bad Credit
We offer competitive mortgage plans that help all Canadians—including people with poor credit—become a homeowner. Past mistakes shouldn't get in the way of your dreams of becoming a homeowner. Here at Mortgage Alliance - Shoreline Mortgages, Inc., we make sure they don't.
As experienced mortgage brokers, we help you navigate your options for mortgage plans. We help you compare different lenders, so you know your choices and make an informed decision for yourself. With our wide network of industry connections, we can help you leverage your options so you can find a mortgage that stays within your budget. With us, you can start your homeownership strong.
The Go-To Bad-Credit Mortgage Broker
What makes us the go-to mortgage broker for people with bad credit? Years of experience, years of training, and a commitment to our craft. We are passionate about what we do, and we're passionate about helping consumers save time and money.
We work with a range of lenders to find you the most competitive deals on the market. Thanks to our skill and expertise, we're able to find you rates you won't find elsewhere. By scouring the market, we help you discover all your options so you can shop around, compare prices, and find the right plan for you. With our help, you're one step closer to purchasing that home. Make it happen. Contact us today to get started.
Shop the Best Mortgage Deals Available to You
If you need a mortgage, you want the best mortgage rate you can get, with the best mortgage conditions you can get. We're here to give you both.
Think of us as your industry advocate. We fight on your behalf to get you a suitable mortgage plan from a trustworthy lender. We search high and low, comparing mortgages from a wide range of institutions to get you the most bang for your buck. Don't let a poor credit score stop you from owning a home. With our help, you'll be well on your way to bringing your dreams to life.
We work closely with you to develop smart solutions tailored to your precise needs. Every homebuyer is different, and we want to make sure our services work for you. We'll take careful stock of your financial situation so that we can give you the industry-leading advice you deserve. We'll also be there to give you the advice and guidance you want, answering any questions you may have about your options for mortgages.
How Do I Buy a House with Bad Credit?
In most cases, buying a house with bad credit follows the same overall steps as buying a house with good credit. If you need to take out a mortgage, you’ll need to find a lender to supply it.
Bad credit may make it harder for you to find a lender. Prime lenders, such as national banks, tend to be the most risk-averse, and therefore the least likely to agree to a mortgage with someone who has a low credit score.
If you can’t obtain a mortgage with the bank, you may want to look at a secondary lending institution or even a private lender.
To secure a loan with a bad credit mortgage lender, you will typically need:
- Proof of income/employment
- Proof of down payment
- Appraisal of property to be purchased
- Co-signer (if necessary)
In some cases, the lender will also require you to have a co-signer who guarantees that the loan will be paid. Having a co-signer can also improve your chances of obtaining more favourable conditions for your mortgage. To learn more about what you’ll need for a mortgage, don’t hesitate to get in touch with us to schedule a no-obligation consultation.
Will Bad Credit Affect My Mortgage?
Unfortunately, having bad credit will affect your mortgage. Financial institutions consider lending to people with poor credit as a riskier venture. As such, they try to offset that risk by seeking better loan conditions for themselves. With poor credit, you should expect your mortgage to cost you a fair share more than it would if you had an above-average credit score.
In general, a poor credit mortgage will feature:
- A higher mortgage rate
- A larger down payment
- No pre-approval process
Some lenders may also charge an application fee.
A broker from Mortgage Alliance - Shoreline Mortgages, Inc. can help you avoid the worst of these effects. We connect you with a wide range of lenders, making sure we find you the best deal available. With us, you can expect a fair mortgage, a low rate, and exceptional long-term money savings. Take advantage and get in touch with us today.
St John's’s Best Bad Credit Mortgage Broker
Get in Touch Today
We’ll be happy to answer any questions you may have about our services, how we can save you money, and what we can do to help you obtain a fair mortgage plan. We believe all consumers have a right to make informed purchasing decisions. Choose us, and we’ll make sure we give you all the information you need to make the right choice for you.
Book a consultation, and we’ll be sure to show you your best course of action.
Contact us to get started today.
Mortgage Alliance - Shoreline Mortgages, Inc.’s years of expertise, help find homebuyers mortgages with suitable rates.Learn More
Crunch the numbers and explore your mortgage options!Learn More
We shop for the best mortgage option at no charge to you.Start Today