Alternative Mortgage Solutions
Home Equity Loans
Unique Borrower Situations
Life Events & Transitions
Challenging Credit Profiles
Special Property Types
Not sure which mortgage is right for you?
Not sure which mortgage is right for you?
Guide
If your credit history is standing between you and a mortgage, you still have options in British Columbia. Our private lenders approve home loans for bad credit based on the equity in your property. A bankruptcy, a consumer proposal, mortgage arrears or CRA debt does not end the conversation.
You can get pre-approved in as little as 24 hours.
Loans ranging from $50,000 to $2,000,000
Great rates and outstanding customer service.
Overview
A challenging credit profile is any situation where a bank declines your file because of your credit history, regardless of the value of your home. That covers a low credit score, missed mortgage payments, collections, an active consumer proposal, a bankruptcy discharge, arrears, and unpaid CRA income tax.
Most homeowners who come to us are not careless borrowers. They have worked through a divorce, a business downturn, an illness, or a long stretch without steady work, and those circumstances can still show up on their credit report. The equity in their property tells a very different story, and that is the part alternative lenders pay attention to.
Traditional lenders start with your credit score and your income documents, then work backwards to the property. Private and alternative lenders reverse that order. They look first at how much equity you hold, where the property sits and how the loan will be repaid or refinanced later. That change in sequence is what makes bad credit loans approval possible after a bank has already said no.
Rates and fees on a bad credit mortgage sit above bank pricing, and terms commonly run one to two years. That cost buys you time to clear the debt that damaged your credit, and most clients use the term to rebuild toward a conventional renewal.
The right bad credit loan product depends on what your credit situation is actually costing you right now. A bad credit mortgage in BC covers the general case of a low score or a thin credit file. A debt consolidation mortgage folds credit cards, loans and collections into a single payment at mortgage rates.
A mortgage for foreclosure stops the legal process and gives you room to sell or refinance on your own terms. Our guide to the foreclosure process in BC sets out each stage. A half interest mortgage separates two owners when only one of them can qualify. A bankruptcy loan gives a discharged borrower a route back into the market. If you are unsure which one fits, one conversation will usually narrow it down.
Explore Your Options
Five ways to get approved for a mortgage in BC when your credit situation is standing in the way.
If you are looking to get a mortgage with bad credit, you are in luck. Apply for a mortgage today.
Borrow up to 80% of your homes equity, lower your payments, and improve cash flow.
Fight off foreclosure with a mortgage. Approval in as little as 24 hours, and mortgage financing up to 70% of your home’s market value.
If you own a partial interest in real estate, we have private partial interest mortgage financing options that might work for you.
Get approved for bankruptcy loans in BC. Private lenders use home equity, not credit, to offer fast funding while you rebuild credit. Apply today!
Go Deeper
Guides and how-tos on home equity loans, HELOCs, second mortgages and renovation financing in BC.
In most cases, yes. Bad credit mortgage lenders approve loans based on the strength of your home equity rather than your credit score. Many of them do not require traditional proof of income. The usual condition is that you hold enough equity to keep the total borrowing at or below roughly 75% of your property value.
Yes, and this is one of the most common reasons homeowners call us. An active proposal or a recent discharge closes the door at most major banks. Alternative and private lenders assess the file differently, and a mortgage is often used to pay out a proposal in full. Expect to provide your trustee paperwork and a clear plan for any debt that remains.
Both situations are workable, and the earlier you call the more room there is to act. A new mortgage can bring the loan current, cover legal costs and halt the process, provided the property holds enough equity to support it. Once the court moves the file toward an order for sale, the available options narrow quickly.
Pre-approval for bad credit loans usually takes 24 hours or less once we have your application and the basic details of your property. Funding on a private mortgage generally lands within one to two weeks, depending on the appraisal and how quickly the lawyers complete their work. Files with a hard deadline attached, such as a foreclosure date, can be moved faster.
Get a free, no-obligation assessment. Your mortgage broker Jeff Di Lorenzo will walk you through the right solution for your credit situation, with no judgment and no pressure.
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