Bad Credit Mortgage

What is considered 'bad credit' in Canada?

In Canada, credit scores can range from 300 to 900 (Beacon Score) with the major banks/ institutions generally lending to those with a score of 650 or higher.

Your credit history is a significant part of a lender’s decision to provide a mortgage as it reflects how you handle repayment of debt. Various aspects of your credit history are combined into a credit score. These include repayment track record, current balances, length of time accounts have been opened, credit mix, balance to limit ratio, and how often/recently you applied for credit. A lender will assess all of these aspects of your report to understand your whole financial picture.

Having a low score, bruised credit, or no credit history makes the lending decision more challenging; however, we are here to advocate on your behalf. Many people encounter events or times in their lives when, for whatever reason, they accumulate debt and are unable to meet their debt obligations. As a result their credit scores take a hit or in some cases they have to enter into credit counselling, a consumer proposal, an even bankruptcy. Many others do not have any credit history and thus do not have a credit score. If you are/were in any of these situations and they are still impacting your credit, we can help you find an alternative mortgage solution today and work with you to rebuild your credit for a better mortgage solution down the road.  

2 resized

Solutions we can offer:

If you are looking to purchase a new property and have at least 20% downpayment from your own sources, we might be able to get you an alternative first mortgage despite your ‘low’ credit score.


If you have an existing mortgage with an ‘A’ lender and your credit took a downturn due to unfortunate life events, we may be able to find an alternative mortgage solution that will clean up your credit and help increase your credit score so that we can get you back on track.


If you already have an alternative or private first and/or second mortgage that seems to have an extremely high interest rate due to the credit score you had when you originally applied for the mortgage, let us review your situation and advise if we can find you a better alternative mortgage solution. 


If you have any questions, we would love to hear from you. Contact us.