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We Expect From You

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 Toronto

About Toronto

Toronto is the capital city of the province of Ontario and the largest city in Canada by population, with 2,731,571 residents in 2016. Current to 2016, the Toronto census metropolitan area (CMA), of which the majority is within the Greater Toronto Area (GTA), held a population of 5,928,040, making it Canada’s most populous CMA. Toronto is the anchor of an urban agglomeration, known as the Golden Horseshoe in Southern Ontario, located on the northwestern shore of Lake Ontario. A global city, Toronto is a centre of business, finance, arts, and culture, and is recognized as one of the most multicultural and cosmopolitan cities in the world.

People have travelled through and inhabited the Toronto area, situated on a broad sloping plateau interspersed with rivers, deep ravines, and urban forest, for more than 10,000 years. After the broadly disputed Toronto Purchase, when the Mississauga surrendered the area to the British Crown, the British established the town of York in 1793 and later designated it as the capital of Upper Canada. During the War of 1812, the town was the site of the Battle of York and suffered heavy damage by United States troops. York was renamed and incorporated in 1834 as the city of Toronto. It was designated as the capital of the province of Ontario in 1867 during Canadian Confederation. The city proper has since expanded past its original borders through both annexation and amalgamation to its current area of 630.2 km2 (243.3 sq mi).

The diverse population of Toronto reflects its current and historical role as an important destination for immigrants to Canada. More than 50 percent of residents belong to a visible minority population group, and over 200 distinct ethnic origins are represented among its inhabitants. While the majority of Torontonians speak English as their primary language, over 160 languages are spoken in the city.

Toronto is a prominent centre for music, theatre, motion picture production, and television production, and is home to the headquarters of Canada’s major national broadcast networks and media outlets. Its varied cultural institutions, which include numerous museums and galleries, festivals and public events, entertainment districts, national historic sites, and sports activities, attract over 25 million tourists each year. Toronto is known for its many skyscrapers and high-rise buildings, in particular the tallest free-standing structure in the Western Hemisphere, the CN Tower.

The city is home to the Toronto Stock Exchange, the headquarters of Canada’s five largest banks, and the headquarters of many large Canadian and multinational corporations. Its economy is highly diversified with strengths in technology, design, financial services, life sciences, education, arts, fashion, business services, environmental innovation, food services, and tourism.

How to Verify Your Credit Score

Banks are able to pull your credit score from the major Canadian credit bureaus, Equifax and TransUnion. Our mortgage brokers can pull your credit score and give you a copy, or you can request from these credit bureaus by visiting their websites. If you have a history of not paying bills, have been in bankruptcy or generally take on too much debt your credit score is more likely to be poor.

Private Lenders Offering Bad Credit Mortgages in Toronto

If you’ve received a copy of your credit score and your score is less than 550, you will need to find a private lender for a bad credit mortgage. Toronto’s bad credit lenders can offer mortgages no matter what the client’s credit score is. It is important to know that bankruptcy and consumer proposals will also make you illegible for bank mortgages. We have a network of private lenders that provide bad credit mortgages for people in Toronto and across Ontario.

Requirements for Bad Credit Lender Mortgages

Instead of looking at credit, private lenders will look at the existing debts on a property when making a decision to provide a mortgage. To reduce the risk inherent in bad credit mortgages private lenders will not lend on properties with too much debt. When a lender creates a mortgage agreement, they have the ability to sell the house when the borrower refuses to pay the mortgage payments. When a lender sells a property, they first pay off previous mortgage holder then they may reclaim their own money. To judge the risk of a property the lender will calculate the Loan to Value (LTV) of the property. To calculate LTV you divide the value of existing secured debts by the estimated selling price of the property. Bad credit mortgage lenders in Toronto will lend on properties that have up to 85% LTV. Lenders can offer better interest rates if the mortgage applicant has a high income or a better credit score, but these are not required to get approved for a mortgage.