Credit Challenged

Credit challenges come in many forms, it could be that you have experienced a bankruptcy or consumer proposal, it could be that you have missed some payments or have “collections”, it could be that you just have not established the “normal” level of credit lenders are looking for. If you fall in this category, approaching the banks on your own for mortgage financing can be like walking into a job interview with no experience. The chances of getting an approval are slim. So does that mean your situation is completely hopeless? – Not at all!

First, we will determine the reasons for your issues, are they isolated, are they explainable as a result of a significant life event, how far in the past did they occur.  From there we will build upon the strengths you have or are displaying.  Next we will get your file prepared for presentation to our lenders. There are plenty of lenders out there who are willing to take on a bit more risk (or who don’t see it as risk, like your bank does) in looking at your application, and although it may mean higher rates and shorter term mortgages, it can also mean getting an approval. Don’t assume your credit situation means higher rates, a very high percentage of our credit challenged clients receive the lowest possible mortgage rates.

It is important to understand that avoiding credit issues is detrimental; they don’t go away on their own, and they can only be repaired by taking pro-active steps.  This is where we come in; we have years of experience educating people about the proper steps they need to take.  We will plan your credit repair strategy (yes it may take some time) and we will follow up regularly to check in on your progress.  If the steps are taken we guarantee you will become a mortgage holder.

In many cases credit situations are not near as bad as people think.  I often hear people suggest their credit is poor, when in reality it is just fine.  One of the biggest mistakes people make is they assume they are not credit worthy and they assume they will not get approved because of it.  Do yourself a big favor, call our office, get a thorough accurate review of your credit and then you can determine what is next for you.  I can’t tell you how many clients I see who could be homeowners today if only they had the proper direction in months past.  Starting down the path today is the only way.

Did you know that many banks don’t use the same credit scoring system we use?  Many banks have their own internal way of assessing credit and when your score with them is not where it needs to be they will dismiss the application.  It is so important to understand the problem may very well be their credit scoring system and not you.  We see it regularly where clients are not approved at “their” bank, yet easily qualify for the best mortgage product and rate we offer.  Remember we have access to product from dozens of lenders, including the big banks, trusts and private lenders.