Toronto Mortgage Professionals

Bad Credit / Bankruptcy

It definitely helps to have an excellent credit score or rating but if for some reason this is not your case, do not despair. At RMA Mortgages of Vaughan and Toronto we have access to various portfolios of lenders who are willing to make loans to people whose credit score is closer to average, poor or even “bad” (usually a credit score of 600 or less).

We can also help those Vaughan and Toronto mortgage seekers who in the past have had to file for bankruptcy.

The point about your credit score is that it is usually an indication of how well and consistently you have been able to pay your debts in the past. So if for any reason you were repeatedly unable to pay on time you will be considered a higher risk and may have to pay more interest as well as being offered a smaller mortgage loan in the first place.

But it could also be that:

  • Errors in the system are causing you to reflect a bad credit score unjustly.

  • Or perhaps you have only recently moved to Canada and so have not had time to establish your credit history.

  • Or perhaps you are young and just starting out and this is the reason you do not yet have a good credit rating.

Here again RMA Mortgages can help. We are familiar with the ways to correct mistakes and otherwise improve your credit score and our mortgage brokers and agents at RMA Mortgages of Vaughan and Toronto will be more than happy to explain how you can do this.

The problem is that rebuilding your credit score can take time and you may need more rapid access to a source of mortgage funding.

In these cases we can help you to find a sub-prime mortgage lender (sometimes known as near-prime, alter-prime or alternate lenders) who will assess your individual circumstances and may be willing to assist.

How to get pre-approved for a sub-prime or “bad credit” mortgage

First you’ll need to sit down with one of our expert RMA Mortgages brokers to discuss your current financial situation and lifestyle and how much you are thinking of borrowing. We will need to know details of:

  • your current employment

  • total income

  • outstanding debts

  • credit history

  • reason for low credit score (Life crisis? Unexpected unemployment? Long illness?)

  • lifestyle

  • type of home and location you are looking for and

  • how much interest can you afford and are willing to pay?

  • other pertinent details relevant to your ability to pay and your mortgage application.

In the mortgage pre-approval process together we will clarify exactly how much of a mortgage you can realistically afford to take out to be able to make the mortgage payments comfortably and on time.

Once this is established your RMA Mortgages broker will contact all the scores of banks, credit unions, trust funds, private investors and other mortgage lenders we know to find the best possible match for you.

Over the years we have had great success in arranging bad credit mortgages for many clients in the Vaughan and Toronto area. If you would like to find out more about these, sub-prime, or bankruptcy mortgages, or any other type of financial loans that will enable you to purchase a home in the GTA, please contact RMA Mortgages brokers today.

You’ll find our offices at #77-9100 Jane St. Vaughan, Ontario. To make an appointment just:

We’re open during the week from Monday-Friday, 9am-7pm and Saturdays from 10am-4pm. And if you would prefer to talk to us outside normal business hours, then please let us know and we will schedule an appointment for you at a time that suits you best.

RMA Mortgages of Toronto and Vaughan: our brokers can arrange bad credit, bankruptcy, sub-prime and other types of mortgages for GTA residents looking to fund their home purchase at an affordable rate.

Latest Blog Post
Canada’s Regulation of Mortgage Broker Industry Helps Canadians
October 30, 2014

The word Mortgage means using one’s land or property or any asset as an assurance for the sanction of the loan. People always do this to buy a property using an existing property of them...

read more
Testimonials

Thank you so much Armand, you really made our first time buying process easy and enjoyable. We will certainly be referring you to all our friends and family who'll be...

Andrea & Steven - Oakville
read more
Trusted by Lenders