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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 Markham

About Markham

Markham is a city in the Regional Municipality of York within the Greater Toronto Area of Southern Ontario, Canada. It is located approximately 30 km (19 mi) northeast of Downtown Toronto. The city is the fourth-most populous community within the Greater Toronto Area after Toronto, Mississauga and Brampton and is York Region’s most populous municipality.

Markham is also Canada’s 16th largest city. Markham changed its status from town to city on July 1, 2012.

The city gained its name from the first Lieutenant-Governor of Upper Canada, John Graves Simcoe (in office 1791–1796), who named the area after his friend, William Markham, the Archbishop of York from 1776 to 1807. The first European settlement in Markham occurred when William Berczy, a German artist and developer, led a group of approximately sixty-four German families to North America. While they planned to settle in New York, disputes over finances and land tenure led Berczy to negotiate with Simcoe for 64,000 acres (260 km2) in Markham Township in 1794. Through much of Markham’s history the community has been described[by whom?] as an agricultural community. A turn towards a more urbanized community within the township began after World War II when the township began to feel the effects of urban encroachment from Toronto. The completion of Highway 404 during the mid-1970s accelerated urban development in Markham.

As of 2013 tertiary industry mainly drives Markham. As of 2010 “business services” employed the largest proportion of workers in Markham – nearly 22% of its labour force. The city also has over 1,000 technology and life-sciences companies, with IBM as the city’s largest employer.

Interest Rates and Fees for Bad Credit Mortgages

As with most risky investments, bad credit mortgages carry a higher interest than bank mortgages do. Normally a bank mortgage would come with an interest rate of 3% to 4% while a bad credit lender might charge rates from 7% to 15%. Private lenders will also charge fees for setting up the mortgage. Administrative fees must be paid to the lender and their lawyers and a fee must be paid for a property appraisal. In order to get the best deal you should contact multiple lenders that offer bad credit mortgages. We know many lenders that service Toronto and we send clients multiple quotes from different lenders.

How to Increase Your Credit Score

Paying off your credit cards and bills will cause your credit score to increase. In order to increase your credit score quickly you should be able to pay off your monthly debts on time. Credit cards are good tools for improving credit scores when you pay off all monthly charges. If you only put small charges on the credit card it will be easy to pay off. Another method would be to request a secured credit card from your bank.

All top Canadian banks offer secured credit cards. To get one you must first pay a deposit which is used when the credit card fees are left unpaid. It is recommended to not exceed the card’s limit by more than 60% and to fully pay off all charges. Repairing a credit score generally takes around 6 months.