Nanaimo & Vancouver Island Mortgage Blog
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Bad Credit Mortgages for People in the Nanaimo, Nanoose, Parksville and Surrounding areas
November 18, 2015 | Posted by: Roar Solutions
Do you have bad or poor credit and do you live in the Nanaimo, Nanoose, Parksville and surrounding areas of Vancouver Island? Well we can help you out.
For a long time, it wasn’t possible to qualify for a mortgage in Canada if you had bad or poor credit. The subprime lending market, so popular in the United States, was almost nonexistent in Canada. Why? In the United States, customers can choose to deal with any number of large and small banks. In Canada, we deal mostly with large, regulated institutions, the big banks in otherwords.
Things are finally starting to change here in Canada however. Smaller lenders are beginning to relax their standards and become more popular even as the traditional big banks tighten their standards. The relatively small market for subprime lending is growing, as it once did in America. Now, if you have bad or poor credit, you actually stand a chance of getting a mortgage in Canada.
How do you qualify for a mortgage in Canada if you don’t have good credit?
You probably still are going to be rejected by the big banks, because your mortgage application won’t qualify for CMHC insurance. You can still try to go through a big bank and if you do by some chance qualify for a mortgage through one of the big banks, you should consider accepting it, since the big Canadian banks are more likely to give you friendly mortgage terms and pursue a long-term relationship with you as a customer.
As Nanaimo mortgage brokers we have the expertise to help you get the mortgage you need even though you might have bad or poor credit.
We encourage you to contact us for a free, no-hassle evaluation.
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