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Bad credit morgtages

Bad credit morgtages

~unicorn~
Joined: Sep 2010
Posts: 427

~unicorn~
Joined: Sep 2010
Posts: 427

Bad credit morgtages
2/26/2018 at 1:20 PM

Just curious if there is a way to get a morgtage with bad credit.
MBTONY
Joined: Dec 2008
Posts: 190

MBTONY
Joined: Dec 2008
Posts: 190

I’m sure
2/26/2018 at 2:25 PM

There’s a way but you will probably need a sizeable down payment and the interest rate would be rather high
TheScotsman
Joined: Nov 2016
Posts: 373

TheScotsman
Joined: Nov 2016
Posts: 373

20-25% down
2/26/2018 at 4:50 PM

Depending on who finances, gets you a low ratio mortgage that does not need to CMHC insured. That is always a bonus.

Then it becomes about the interest rate.
MrDobalina
Joined: Jun 2017
Posts: 259

MrDobalina
Joined: Jun 2017
Posts: 259

I can give you a pretty accurate answer
2/26/2018 at 5:12 PM

If I know these 3 things...

How bad, specifically is your credit. (how much in collection, how long, any attempts to pay, what are your credit cards at right now, how much do you have in car loans etc...)

How much is the house

How much do you make in a year?

Honestly the last 2 don't matter if your first answer is bad enough.
TheScotsman
Joined: Nov 2016
Posts: 373

TheScotsman
Joined: Nov 2016
Posts: 373

That trumps my answer
2/26/2018 at 5:22 PM

If you had the 20-25% down, there would not be credit problems.

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