26 May 2011
Meanwhile, there are many other alternative financial institutions on the market. So you may get a short or mid-term mortgage solution until you’re ready to switch to prime lender.
The main thing is to present yourself in the best way, underlying your better sides.
All lenders want to be sure you are a responsible and reliable person, that’s why you need to show it as well as you can. For instance, if you are new to Canada, some lenders may consider you based on your steady employment, your down payment or alternative ways of credit history confirmation (e.g. timely rent payments, utilities bills).
If you’ve just become a self-employed and can’t prove a regular income yet, the lender may look at your credit history and previous experience in the same field.
And even if you have a poor credit history, there are still ways to get a loan. Make sure you have reasonable explanation to the previous problems and do everything possible to get rid off debts and improve your credit. In this case your current stable income and solid down payment may be enough for a lender to see you can be trusted.
Then search for the right lender.
Every lender has its own requirements. That’s why a professional mortgage broker can help you find the one that fits your situation. An experienced mortgage broker can also help you make all necessary preparations for presenting yourself to the lender.