Get A Mortgage With Bad Credit. $0 Broker Fee*. Any Income. Any Credit. Fast Approvals!
We Approve Low Credit, No Credit, Bad Credit as long as you have 20% Down Payment or Home Equity. When Banks Say "No", We Say "Yes"!
At Effortless Mortgage, our experienced Bad Credit Mortgage Advisors specialize in mortgages that do not fit into Banks' credit or income requirements. We know everyone's mortgage needs are unique - and, "life happens".
We have VIP status with over 60+ reputable, regulated Bad Credit Mortgage Lenders that comprise of B Lenders and Private Mortgage Lenders. We charge $0 Broker Fee with our in-house Bad Credit Mortgage Lenders.
Reasons to Get a Bad Credit Mortgage:
- You have credit issues and your credit score is < 650
- You are self-employed without verifiable income or report Low Income or No Income on your tax returns
- You need to take out home equity to consolidate debts or past-due bills
- You are or have been bankrupt or filed a consumer proposal in the past 7 years
- You have non traditional Income, for example commission income, cash, disability, seasonal income, and others.
- You are new to Canada or a Foreign Resident
- You need short-term Bridge Financing to close a home purchase or improve your credit score
- You are a real estate investor with high debt ratio and in need of more cash flow
Fast Approvals Within Hours
Bad Credit is Ok.
Flexible Income Requirements.
Bad Credit Mortgage for Home Purchase
If you dream of owning a Home or an Investment Property and have been turned down by Banks due to bad credit and/or income, it may be time to consider bad credit mortgage.
With bad credit mortgage lenders, one thing to consider is that you need 20% or more of the purchase price as a down payment, depending on a few factors like property value, location, etc.
For example, when purchasing a property for $450,000, you'll need $90,000 down payment: Purchase Price $450,000 x 20% = $90,000 (down payment)
You can choose from 1 to 5 year term at competitive bad credit mortgage rates that are similar to or up to only 1% to 4% higher than banks. Interest-Only Mortgages are also available. These rates will help you achieve your home ownership goals while improving your credit and cash flow.
Effortless Mortgage will also work with you to come up with a plan and potentially transition your mortgage to a lower rate mortgage with traditional banks within 1 to 2 years.
Bad Credit Mortgage for Debt Consolidation, Life Events, and Investments
We know that "life happens" - and Bad Credit Mortgage Lenders provide you options. If you're a homeowner with credit card debt piling up that are destroying your credit, consider consolidating your debt by taking out a home equity loan. A Home Equity Loan can help you reduce your monthly payment, increase cash flow, decrease interest cost, and live a more stress-free life.
If you're a homeowner and going through a separation or divorce, know that there are mortgage options available that could help you come up with the funds to buy out your spouse, keep you from selling and moving away from your "family home".
If you're a real estate investor looking to expand your properties portfolio and banks won't help you due to your credit, know that we have Bad Credit Mortgage Options just for investment properties!
Getting a Bad Credit Mortgage Can be Complicated
Effortless Mortgage Makes The Process Simple
Apply Online
Or Call Us
Get
Approved
Receive
Funds
Client Reviews
What our clients say...
We got a last minute bank decline on our rental property and Effortless saved the day. As real estate investors, it's important to have a lender who can get us approved quickly!
Effortless approved the mortgage on my first home. Banks declined me twice because of my credit. Effortless helped me become a homeowner when banks said no!
I was looking to consolidate debt. Effortless got me approved the same day. I reduced my monthly payments by half, and I've seen my credit score going up already.
We couldn't qualify for a mortgage from the banks because we are selfemployed. Effortless gave us a private mortgage right away. Very fast service. Will use them again!
We got a last minute bank decline on our rental property and Effortless saved the day. As real estate investors, it's important to have a lender who can get us approved quickly!
Bad Credit Mortgage Frequently Asked Questions (FAQs)
What Is a Bad Credit Mortgage?
Bad Credit Mortgage is a mortgage option for borrowers who have credit score below 650. Bad Credit Mortgage also allows you to qualify for a bigger mortgage with your income. Bad Credit Mortgage typically requires minimum 20% down payment or available home equity, with some flexibility dependent on lenders requirements. Learn more from our blog, How to Get a Mortgage with Bad Credit.
How to Buy a House with Bad Credit?
When buying a house or refinancing a home with bad credit, the first requirement is that you need to have 20% or more down payment or home equity.
Once you meet the down payment or home equity requirement, the next most important criteria is your income. Do you have sufficient income or cash flow to make mortgage payment? Do you have non-traditional income that's hard to verify? Having low income or no income won't stop you from getting a mortgage with Bad Credit, but it will be more expensive (higher rate) vs. if you have good income.
Last but not least, it's important to present a strong business case to get your mortgage approved. Bad Credit Mortgage is all about common sense lending. With our strong relationships with 60+ Bad Credit Mortgage Lenders, our advisors can help you significantly increase your chances of approval.
It is important to plan ahead. If you have any questions, the Effortless Mortgage team is available 7 days a week and specializes in helping clients get a mortgage with bad credit.
Learn more from our blog, How to Get a Mortgage with Bad Credit.
Is Bad Credit Good for You?
A mortgage with bad credit can actually help you repair and improve your credit score as well as help you with: debt consolidation (bad credit mortgage rates are far lower than credit card rates!); increase your monthly cash flow, reduces your interest cost, own a home sooner (and start building equity) and expand your real estate portfolio when traditional banks pose too many restrictions. Learn more from our blog, How to Get a Mortgage with Bad Credit.
Who are the Bad Credit Mortgage Lenders in Canada?
There are two types of Bad Credit Mortgage Lenders in Canada: B Lenders and Private Mortgage Lenders As one of the biggest Mortgage Teams in Canada, Effortless Mortgage has strong relationships and VIP status with all the B Lenders. Additionally, Effortless Mortgage works directly with 60+ Private Lenders in Ontario, Alberta and British Columbia. We also have our own in-house private mortgage lenders with $0 broker fees (no middleman)! Learn more from our blog, How to Get a Mortgage with Bad Credit.
What are Bad Credit Mortgage Rates?
Bad Credit Mortgage rates are higher than bank mortgages. B Lender Rates are only 1%-2% higher than bank mortgages, while Private Lender Rates are 3%-4% higher. For example, back in 2020, when Bank mortgage rates were at 2%, some Bad Credit Mortgage rates were just around 2.99%. In the summer of 2022, Bank mortgage rates were around 5%, while Bad Credit Mortgage rate were at 5.99% because the overall mortgage interest rates have gone up at the banks as well. When the Bank mortgage rates start to decrease, so will the Bad Credit Mortgage rates. Learn more from our blog, How to Get a Mortgage with Bad Credit.
What are Bad Credit Lender Fees?
Most B Lenders have a one-time up-front bad credit mortgage lender fee of 1%. However, many bad credit lenders do not charge any fee at the time of renewal. The 1% lender fee can potentially be added to the mortgage, if there's enough down payment or equity. Private Lenders typically charge a 2%-3% lender fee. Renewal fees may apply for some private lenders. But please keep in mind that Private Mortgages are only intended for short term. After helping you get a Bad Credit Mortgage, our experienced Mortgage Advisors will work with you to come up with a plan to potentially transition you from a Bad Credit Mortgage to a traditional mortgage in 12 - 24 months time. Learn more from our blog, How to Get a Mortgage with Bad Credit.
