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Bad Credit Mortgages in North York

About North York

North York is an administrative area and former city in Toronto, Ontario, Canada. It is located directly north of Old Toronto, between Etobicoke to the west and Scarborough to the east. As of the 2011 Census, it had a population of 655,913. It was first created as a township in 1922 out of the northern part of the former city of York, a municipality that was located along the western border of Old Toronto. Following its inclusion in Metropolitan Toronto in 1954, it was one of the fastest growing parts of the region due to its proximity to Old Toronto. It was declared a borough in 1967, and later became a city in 1979, attracting high-density residences, rapid transit, and a number of corporate headquarters in North York City Centre, its central business district. In 1998, North York was amalgamated with the rest of Metropolitan Toronto to form the new city of Toronto, and has since been a secondary economic hub outside Downtown Toronto.

Private lenders of Bad Credit Mortgages in North York

If your credit score shows that you have below the required 550 points, you have to find a private bad credit mortgage lender. In North York, they are ready to extend you a loan with bad credit. You will be rejected for bank loans with a consumer proposal or having been bankruptcy but bad credit mortgage lenders do not mind. We have a network of private lenders who exclusively offer bad credit mortgages in North York.

Requirements to Get Bad Credit Lender Mortgages

They do not look at credit but rather the existing debts on a property when making a lending decision. There is an inherent risk in bad credit mortgages which is why private lenders avoid property with too much debt. Lenders use a registered mortgage agreement which gives them power to sell a property in default. The first mortgage lender is always first to recoup after a power of sale, followed by the second, and third bad credit lender.

To really gauge your worth as an investment, the private lenders consider equity in a property as opposed to the borrower’s credit score as banks do. They have to calculate a value known as loan to value (LTV) ratio by dividing total debts by the appraised price of the home. Bad credit lenders in North York loan properties with 85% maximum loan to value. If you have a slightly good credit score and high income, then you have better chances of getting good interest rates on your loan.