Bad Credit Mortgages

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Do you have bad credit?

If you live in Regina and have bad credit, mortgages become extremely difficult to obtain.

If you currently do not own a home and have bad credit, a 25% down payment could be required depending on your situation.

If you currently own a home and have significant equity we can provide alternative financing, or debt consolidation to help you get back on track even if you have been bankrupt, have collections, or made late payments, there may be products available for you to refinance your current mortgage.

Equity Mortgage

If you own a home and your credit is damaged but not destroyed, you may qualify for an equity mortgage based on the value of your home. This type of mortgage offers a little more of a competitive rate than a privately funded mortgage. The equity in your home can be used to payout those high interest debts and get you back on track.

  • Mortgages up to 80% of the value of your home
  • Competitive rates
  • Lenient income verification

Private Mortgage

A nice and simple way to get the funds you need! If you have equity in your home or are purchasing a new home, we have private lenders that will lend money regardless of your credit or employment at the most competitive rates in the industry! When you have no other options there is always private financing available to get you the financing you need!

  • 1st & 2nd Mortgages up to 75% of the value of your home
  • Not based on your credit history
  • Lenient income verification

Getting Started

The first step to acquiring a mortgage as a self employed person is to fill out our online mortgage application. Once you complete this form one of our local Regina Mortgage brokers will contact you to complete your approval. Click APPLY NOW below to get started!

Bad Credit Purchase

If you are interested in buying a home but have credit issues we may be able to help. If you have damaged credit then the down payment becomes the most important factor. The larger the down payment the better your chances of being approved. If you have 20-25% available for down payment we can get almost anyone approved for a mortgage.

  • Must have full time employment, guaranteed hours and income
  • Minimum down payment of 15% of the purchase price

Credit Repair Tips

So you don’t have the best credit record in history. You’ve maxed out cards, missed monthly payments, and are paying credit cards off with other credit cards. Your financial mistakes have now caught up to you, and you’ve just found out officially that you have a poor credit score. In most cases, you can recover from your credit mistakes. Make a disciplined plan to repair your credit by following these tips:

Make Payments on Time
Making all your debt payments on time especially of credit cards, is the most effective way to repair your credit rating. As you know, every credit account you have is reported monthly. Payment of these accounts, both amount and timeliness, are tracked by credit rating agencies such as Equifax Canada and TransUnion.

Pay More than the Minimum Balance
Not only does this increase your credit rating, but it also saves you a lot of money in interest, and makes a huge difference in your eventual goal of debt retirement.

Keep Your Balances Low
This is an important strategy, and one that will help increase your credit score. You want to keep your balances no higher than 50% of credit available to you.

Avoid Applying for Credit
Every time you apply for a loan or credit card a hit is registered against your credit score, this lowers you score. Only apply when you actually need financing. One common mistake is applying for credit at every car dealership when car shopping. This will greatly affect your score with numerous hits in such a short time period.

Maintain and Use Some Credit
If you have no loans or credit cards in your name it also reflects poorly, you may even have no score at all which is no different than having poor credit. It is recommended to have a minimum $1500 of credit available to you, use this credit responsibly and your credit will rise.

Established Credit History
The longer your history is with each account, the better it is for your credit rating. Keep accounts open for long periods of time rather than re-applying for new cards and canceling old cards. You will be rewarded for responsible credit handling. Be patient, use the tips above and the passage of time will earn back your good credit profile. In the future when you do need credit for a major purchase such as a car or a house, it will be available to you. Once recovered, maintaining a good credit rating takes discipline, but it’s worth the effort. You’ll be able to live and enjoy a financially stable life.

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