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Mortgage Rates Kitchener – Access Mortgage

Do you have bad credit or no credit? Are you self-employed or have unprovable income? Have you filed for bankruptcy in the past? Are you trying to get a first, second, or third mortgage? Well if so, Access Mortgage wants to hear from you! We can help you find the most affordable mortgage rates in Kitchener based on your individual circumstances. Read on for more information about finding mortgage rates with Access Mortgage.

Click here to schedule a call with an Access Mortgage professional to get advice on how we can help you!  

Subprime mortgage rates in Ontario:

Although the term subprime mortgage was made infamous by the US housing collapse, a subprime mortgage is still a valuable asset to responsible Ontario homeowners. A subprime mortgage is a mortgage that falls just outside of CMHC insured lender guidelines. These lenders assist borrowers who are not bad off enough for a private mortgage but will not qualify through a traditional lender. What makes a Canadian subprime mortgage that much different from the US? During the height of the US housing market, subprime lenders were offering over 100% on the value of a home with little or no income verification. The lenders also offered ‘teaser rates’. These are rates that would start out being very low but balloon into a much higher rate. Canadian subprime mortgage lenders offer up to only 80% loan to value, and have a much more responsible approach to the lending that does not involve ‘introductory rates.’ Any mortgage arranged through an institutional lender with a loan-to-value over 80% must be government insured through CMHC or Genworth and are typically only available to home buyers; not for refinances. Private lenders can go to as high a loan-to-value as they want because the risk is entirely theirs!

B-lending / Subprime Lending:

In the Canadian mortgage market, there are three major classifications of mortgage lenders:

A – Traditional (prime) lenders (chartered banks, virtual mortgage houses)

B – Nonconforming or sub-prime lenders

C – Private lenders

You may already know about traditional sources. These would be your chartered banks (Scotiabank, TD Bank, Royal Bank and CIBC). There are also large virtual mortgage houses such as First National, ING, RMG etc. These lenders spotlight primarily on what is called in the industry, the prime market. These lenders focus on borrowers who have good jobs/credit and are purchasing homes within the traditional guidelines. For borrowers that cannot qualify under the “A” guidelines, the next option is to try to fit within subprime lender’s guidelines better known as “B” lenders. Mortgage rates in Kitchener for people that fit into B-lending guidelines will often be higher.

Subprime lenders do not provide high-ratio mortgages. These lenders charge a premium between 1-3 percent over traditional interest rates and usually do a much shorter term. Unfortunately prime lenders are very strict when it comes to borrowers that have poor credit. In many cases it’s a catch 22. Debts and minimum monthly payments are too high which reduces your credit score. But, how can you pay off your debts if you cannot refinance with a low interest rate due to your poor credit history? Many borrowers are facing a situation that unless they can refinance their house and use the equity to pay off their debt, they will never be able to catch up.

If you need a mortgage and have a blemish on your credit record, or if you need to re-mortgage to pay off bad debts, there are lenders who offer “bad credit” mortgages and debt consolidation services.

For more information about getting mortgage rates in Kitchener that suit your individual circumstance, please feel free to continue browsing through our Access Mortgage website. Click here to find our contact numbers and to fill out our contact form.   

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
  • “A tough deal that others could not do!”
    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
  • “Seamless from beginning to end!”
    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
  • “Patient with deep understanding”
    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
  • “Got creditors off our back”
    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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