AKAL Mortgages

Akal Mortgages
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Lic 10845, Independently Owned & Operated
Akal Mortgages
Book An Appointment
Lic 10845, Independently Owned & Operated
Akal Mortgages
Book An Appointment
  • 238 Britannia Rd E, Mississauga, L4Z 1S6
Akal Mortgages

How to get a mortgage with bad credit

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Is your credit history not the best? Are you riddled with debt that has severely impacted your credit score? Are you looking to buy your dream home even with bad credit? Don’t worry, the agents at AKAL Mortgage can help with that. We can help find the right mortgage lender who specialises with customers with a poor credit history and clearly understands your situation. Below mentioned are a few steps to consider when applying for a loan with bad credit:

1. Check your credit report

This should be the first thing you do. You should check your credit report and identify the credit issues. This will give you a clear idea of what mortgage lenders you can approach. They will show all your past loans, overdrafts, and credit card bills. You can stay up-to-date and rectify any potential mistakes by analyzing your credit report.

2. Carry out a credit repair and raise as much deposit as possible

To prepare your mortgage application, you should optimize your credit rating, including minimizing risks that can affect your credit score. Additionally, it is also a fantastic idea to raise as much extra deposit in this stage, because it can offset some of the risk involved.

3. Try to avoid multiple credit searches

Approaching a traditional lender like a bank or creating multiple mortgage applications online for a bad credit loan has a higher chance of your application being rejected. This is because not all customers with bad credit are considered for a mortgage, and with traditional lenders having stringent protocols, it is difficult for bad credit loan applicants to get their applications approved.

4. Find a reliable broker that specialises in bad credit mortgages

The best way for an individual to get a loan with bad credit history is through a broker who has built a sound relationship with several lenders. You can rest assured; that they will identify the deal that is more favourable to your financial situation. Below mentioned are what you should look for in a mortgage broker:
  • Gives you access to direct deals
  • Sells exclusive mortgage products
  • Wealth of experience
  • Reasonable and unbiased
  • Highly recommend from previous clients
At AKAL Mortgage, our mortgage brokers have all of the above-mentioned qualities and have built up a strong track record over the years for helping clients with a bad credit history.

Schedule an appointment with the bad credit mortgage experts today!

If you have any kind of bad credit, it can be difficult securing a mortgage, and the chances of getting your application approved by a lender are low. However, it is not all gloom and doom, few lenders offer mortgages to individuals with a poor credit score. At AKAL Mortgage, we can help with your mortgage despite your credit problems. You’d even be surprised with the rates we can secure for you. Please do not hesitate to give us a call and discuss your specific requirements with our professional and friendly team.

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