Want to check our more video? Click here!
High Risk Mortgage Brokers – When the Bank Says “NO”
If your bank has your turned you away and deemed you a high risk mortgage client because of income or a credit issue, your search for a home equity loan isn’t over. Turnedaway.ca has been helping homeowners get approved for over 30 years!
Call Us: 1-855-668-3074
Approvals within 24 hours
High Risk Mortgages –Approved on Equity, Not Credit or Income
When a bank turns you down for a mortgage of any kind, you might be tempted to throw in the towel. Generally speaking, whether you are applying for a home equity loan or you’re a first time home buyer, it’s a slap in the face.
Moreover, who else, but your bank, will loan you such a large amount of money? Despite the fact that banks are highly accessible and well advertised, they are not overly flexible. In fact, most traditional banks want to see perfect credit, job stability and proof of all income. Indeed, they are not ideal mortgage lenders for high risk borrowers.
But, where does one turn if they have a bad credit rating? Likewise, where does someone apply if they get paid in cash? Obviously, not everyone can qualify with a big bank. So, the question begs, where does one go if they have been turned down by the bank?
Fortunately, there are still a number of lenders who approve deals based on equity. More importantly, they understand that your credit and income are not be perfect. As long as you have a large down payment (when purchasing) or have equity in your home, you have options.
In fact, our high risk mortgage lenders offer a variety of options which include:
- Bad Credit Home Equity Loans
- Home Equity Lines of Credit HELOC
- First Time Home Buyer Bad Credit Options
- Second Mortgages
- Third Mortgages
In short, we help Canadians get approved for first and second mortgages quickly and cost effectively. As a high risk mortgage broker, we make it a priority to overcome challenges. Whether you’re buying your first home, leveraging equity to consolidate debt, or taking out a second mortgage – we can help you too.
A High Risk Mortgage Could Be For You
As has been noted, a high risk mortgage could be the solution you’ve been looking for. Especially, if you have a poor credit score or can’t prove your income. To emphasize, high risk mortgages can be arranged to solve just about any problem.
Let us assist you with:
- Debt consolidation & improve your credit.
- Stop a foreclosure on your real estate.
- Pay off Canada Revenue debt.
- Catch up on property tax arrears.
- Bad Credit Mortgages
Ultimately, we have a mortgage solution for just about every challenge you could be facing. Also, we offer the most competitive mortgage rates, flexible terms and the lowest monthly payments.
In addition, we have a vast network of lenders who offer high risk mortgage loans. Again, having access to a large variety of conventional lenders, alternative lenders and private mortgage lenders in Canada, means big savings for our clients.
In Short, our institutional and private lenders are willing to actually help clients, not just patronize them . Likewise, if you’re self-employed, have a past bankruptcy or consumer proposal on your record, or have damaged your credit in any way, a mortgage broker can help you shop for the right high risk mortgage lender.
Bad credit/high risk mortgages can be a great fit if:
- You are self-employed and unable to verify your income (at all or at true value).
- Have claimed bankruptcy.
- You have a consumer proposal.
- You’ve lost your job or off work, including for medical or caregiver reasons.
- You have a poor credit that remains unresolved
And, despite the challenges you may be facing in your life right now, know that you have options.
High Risk Mortgage Rates – What Can I Expect to Pay?
First, no two borrowers are the same, nor are their situations. That being said, the risk they represent is different on a variety of levels. Because no two situations are the same, high risk mortgage rates vary.
Of course, this means that each application has to be reviewed individually. On the positive side, not every borrower is lumped into one category. Therefore, clients that represent less risk, will get preferred rates.
To explain, the more equity you have or the larger your down payment, the more likely you are to get a premium interest rate. Another way to ensure you are getting the best rates and most flexible terms is to work with an experienced high risk mortgage broker.
High Risk Mortgage Brokers Who Get Approvals
Obviously we aren’t the only mortgage broker on the planet. But, not all mortgage mortgage brokers are created equal. In fact, TurnedAway.ca specializes in hard to place mortgages and we accept all challenges. Apply online today and you can have a high risk mortgage approval in as few as 24 hours! Let us show you why we are the best at what we do.
We’ve helped a lot of people. See what they have to say!
Marilyn & Bob T
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us. Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval. I am still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario.
Dave & Sharon S
My wife and I felt completely lost and didn’t know where to go after being declined by our bank of 18 years. We were so relieved once you advised us there are still lenders that value a mortgage based on merits other than just your credit rating. We had never missed a payment on our mortgage for 18 years and to hear our bank say they couldn’t help us even though we owed virtually nothing on our home was heartbreaking. I couldn’t be more grateful that you helped out two complete strangers when nobody else would.
Dave & Sharon S, Ottawa Ontario
I can’t put into words how greatful I am to you regarding coordinating all of the activities in seeing my new mortgage go through. There are several reasons for the appreciation from my side but most importantly it will allow my daughter to continue to grow up in a home and neighborhood that she has identified as being very important to her.
I owned a home for almost 15 years and faithfully renewed at my bank every 5 years. About 14 years into my mortgage my job was terminated and I was forced to rely on credit cards to keep things going. Fortunately I found work after 7 long months but by then my credit had deteriorated and my bank wouldn’t help. I called turnedaway.ca after hearing one of their radio ads and I am glad I did. They bailed me out of a bad financial situation, got rid of all my credit card debt and got me down to one manageable mortgage payment.
John C, Toronto Ontario.