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Brampton Bad Credit Refinance

Refinancing Mortgages and Other Property with Bad Credit

Times have been getting tough in the recent past. Banks have restructured their lending terms and interest rates continue to rise. For property owners, refinancing is becoming a more and more attractive option for homeowners. However, if someone has a poor credit score, refinancing may not seem to be much of a possibility, including in Brampton Ontario Canada. It is advisable to get your credit report pulled and assessed through a mortgage broker. The broker can then discuss and secure your Brampton bad credit refinance with a lender who’s terms best fulfill your needs.

Benefits of Refinancing with Bad Credit

Oftentimes, people who have bad credit also have a high amount of unsecured debt. The advantage of doing a refinance is that it can save these borrowers a lot of money in interest. It gives borrowers a chance to recover from high and unfavourable rates of interest by consolidating this debt into one easy single payment.

Tips for Refinancing with Bad Credit

  • Be Realistic and Keep an Open Mind

First thing, as a borrower, you need to keep an open mind and be realistic. Do not expect to get an extremely low interest rate for refinancing, say, your mortgage. It is common to see advertisements on the media and internet from lenders saying that they can get you interest rates as low as 2%. Such interest rates are typically available for people with bad credit. In fact, if your credit score is damaged, you can be confident that you will not qualify for those interest rates. They are usually only available for borrowers with good credit.

  • Maintaining Favourable Equity in a Property

Maintaining or having some equity in your property is something that will definitely boost your chances of being able to refinance with a lender. What this means, in layman terms, is that, as a property owner you need to make sure that what you owe on the property is lower than the property’s current value. The bigger the difference between the value of the mortgage and secured debt on the property, the higher the chance you can be refinanced. Most lenders, especially conservative lenders, will not even consider you for refinancing when you owe close to the value of your property.

An important ratio that most lenders use to assess refinancing is what is referred to as, LTV or loan-to-value ratio. This is a ratio that determines the amount of equity you have in your property and helps the lender decide if you qualify for refinancing. For example, a lender may say that you need to have 15% equity in your property in order for your refinancing to be approved. This means that the borrower’s LTV ratio has to be 85% so that the lender can offer you financing up to  85% of your property’s current market value.

  • Understanding Government Insured Loans

Many lenders will not lend over 80% LTV without the loan being insured. Such a mortgage option allows the borrower to have an LTV ratio as high as 95%. However, with bad credit it is unlikely that a borrower will be approved for these high-ratio mortgages. If this is the case, that does not mean that it is the end of the road.

Talk to us and get your Brampton bad credit refinance approved as soon as possible to consolidate dent and improve your credit score.

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
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    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
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    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
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    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
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    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
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