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Honesty Please provide all important details to us. To process any credit application we will need to review your history. Lenders may understand negative items, but will surely reject an application with wrong information. Full disclosure is the best policy. Loyalty We work hard to assist you and strive to offer a high level of personal service. If you find a more competitive rate elsewhere, please let us know. Simply backing away following lender negotiations may jepoardize our relationships for the next client. Please maintain your integrity, loyalty and confidence in our service!

Bad Credit Mortgages in Guelph

About Guelph

Guelph Canada 2016 Census population 131,794) is a city in southwestern Ontario, Canada. Known as “The Royal City”, Guelph is roughly 28 kilometres (17 mi) east of Kitchener and 100 kilometres (62 mi) west of Downtown Toronto, at the intersection of Highway 6, Highway 7 and Wellington County Road 124. It is the seat of Wellington County, but is politically independent of it. The city is built on the traditional territory of the Mississaugas of the New Credit First Nation.

The current Guelph began as a settlement in the 1820s, started by John Galt, originally from Scotland, the first Superintendent of the Canada Company. He based the headquarters, and his home, in the community. The area – much of what became Wellington County – had been part of the Halton Block, a Crown Reserve for the Six Nations Iroquois. Galt would later be considered as the founder of Guelph.

Because of its relatively low crime rates, clean environment and generally high standard of living, Guelph is consistently rated as one of Canada’s best places to live. Guelph has been noted as having one of the lowest unemployment rates in the country throughout the Great Recession. In February 2016, it had the lowest rate in the country, at 3.9 percent, compared to the national rate of 7.3 percent; in large part, this is because of the great number of manufacturing facilities, including Linamar. The unemployment rate fluctuated over the subsequent months, but was at 4.5% in June 2018 vs. the national rate of 6%.

For many years, Guelph ranked at or near the bottom of Canada’s crime severity list. By 2016, the data was less impressive although Guelph was below the national average in some important aspects. The 2017 Crime Severity Index showed a 15% increase from 2016.

Fees and Rates for Bad Credit Mortgages

This is a high-risk investment involving individuals who fail to honour their debts. Private lenders charge extremely high-interest rates on loans compared with banks. While banks issue mortgages at 3%-4% the private lenders of bad credit mortgages will loan for 7%-15% interest. The client is also required to pay any fees for the mortgage set up including payment of broker’s and lender’s staff, appraisal, real estate lawyers among other professionals. To get the best terms and conditions on the loan it is important to contact multiple lenders. We already have many in our private lender network and can send multiple for your consideration.

How to Improve Your Credit Score

It is possible if you pay bills and credit card debt religiously. The credit score will improve much faster if you make a habit of paying on time. Credit cards are great tools to help in building a credit score but you have to pay monthly charges on time and make small charges, which are better manageable. Another way to improve your credit score is by requesting a secured credit card from your bank.

All leading banks in Canada can issue you a secured credit card after you have made a deposit. This amount will be kept in escrow to use when you miss credit card payments. For a secured card to work in your favour, never exceed the 60% limit and make sure you pay all credit card debts when you can. Efforts to improve credit score will bear fruit after 6 months of paying bills in full and on time.