If you’re looking to buy a home in Hamilton, Ontario, but have bad credit, don’t worry—it’s still possible to get a mortgage. Here are some tips:
1. Work with a Mortgage Broker
A mortgage broker can help you find lenders who specialize in bad credit mortgages. Brokers have access to a wide network of lenders, including private and alternative lenders, who are more flexible with credit scores.
2. Save for a Larger Down Payment
With bad credit, a larger down payment can help offset the risk for lenders. In Canada, the minimum down payment is 5%, but putting down 20% or more may improve your chances of approval.
3. Improve Your Credit
While working on your mortgage application, take steps to improve your credit score. Paying off debts, avoiding late payments, and reducing your credit card balances can boost your score over time.
Bad credit doesn’t have to be a dealbreaker. With the help of a skilled mortgage broker, you can still secure financing and become a homeowner.