Bad Credit Mortgage in Ontario
Trying to get a mortgage with bad credit from a bank can be a degrading process. Credit is not unlike a game, knowing or not knowing the rules will affect the outcome. If you have bad credit and are in need of a mortgage, let me help you. I have the experience and the access to various lending options to help you.
Bad credit is subjective. Some lenders have more flexible requirements then others. Mortgages will generally fall under one of three lender categories, traditional lender, subprime lender and private lender.
Here is a comparison between a traditional lender, a subprime lender and a private lender:
| Lender | Minimum LTV |
Maximum TDS |
Minimum Bankruptcy Discharge |
| Traditional | 95% | 44% | Minimum 24 months |
| Subprime | 90% | 50% | Minimum 3 to 12 months |
| Private | 85% | N/A | N/A |
LTV – Loan To Value ratio. The amount being borrowed versus the value of the property. A $190,000 mortgage on a $200,000 property would produce a 95% LTV ratio.
TDS – Total Debt to Service ratio. The amount of debt being serviced as a percent compared to the total income.
For more information on obtaining a mortgage in Ontario with bad credit call today or apply online.
To obtain a free credit report and tips to improve your credit score, click free credit report.