{"id":4958,"date":"2019-12-07T09:52:45","date_gmt":"2019-12-07T09:52:45","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=4958"},"modified":"2021-03-30T08:19:48","modified_gmt":"2021-03-30T08:19:48","slug":"which-mortgage-should-i-get-if-i-have-bad-credit","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/which-mortgage-should-i-get-if-i-have-bad-credit\/","title":{"rendered":"\u00a0Which mortgage should I get if I have bad credit?"},"content":{"rendered":"

Having bad credit will most likely mean that you are not going to be able to get the best interest rate on your mortgage. It doesn\u2019t mean however that you can\u2019t or shouldn\u2019t get a mortgage. Knowing which mortgage to get however can be difficult without the help of a professional mortgage broker.\u00a0<\/span><\/p>\n

\"Which<\/p>\n

If your credit is not good enough to get a mortgage from a traditional lender such as a bank (also known as an A lender), your options will generally be to go to an alternative lender (or B lender), a private lender, or you could enter into a rent to own agreement.\u00a0<\/span><\/p>\n

While the exact mortgage that you should choose will vary depending on your situation, here are a few factors that you should consider when choosing a bad credit lender.<\/span><\/p>\n

 
\nIs the lender reputable?\u00a0<\/span><\/i>
\n <\/p>\n

Just like in any industry, there are lenders in the mortgage industry that are not exactly above board. Unfortunately, if you don\u2019t know the industry well, it can be hard to determine which lenders are reputable. For this reason, it is recommended that you always work with a professional mortgage broker when applying for a bad credit mortgage.<\/span><\/p>\n

 
\nWhat kind of interest rates is the lender offering?<\/span><\/i>
\n <\/p>\n

As mentioned before, with a bad credit mortgage you will not get the same rates that you will if you were able to borrow from an A lender (with the possible exception of getting a private mortgage from a friend or family member). Nevertheless, different lenders have different rates, and you want to get the best rate that you can.\u00a0<\/span><\/p>\n

 
\nShould you get a private mortgage from a friend or family member?<\/span><\/i>
\n <\/p>\n

If a friend or family member offers to give you a private mortgage, you need to consider how this is going to affect your relationship with them before accepting their offer. On one hand, you might be able to get a better rate, but what will the true relational cost be if you become unable to make the payments? This is a question only you can answer.\u00a0<\/span><\/p>\n

 
\nWill you be able to make the payments?<\/span><\/i>
\n <\/p>\n

Getting a mortgage is a big commitment, and if you already have poor credit, you need to be able to make sure that you will be able to make the payments before you enter into it. Your mortgage is an opportunity to rebuild your credit or to destroy it even more. Develop a plan to repair your credit before entering into any mortgage.\u00a0<\/span><\/p>\n

If you have bad credit and need help in choosing the right mortgage for you, we can help. Contact Matrix Mortgage Global today to schedule and appointment.\u00a0<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Having bad credit will most likely mean that you are not going to be able to get the best interest rate on your mortgage. It doesn\u2019t mean however that you can\u2019t or shouldn\u2019t get a mortgage. Knowing which mortgage to get however can be difficult without the help of a professional mortgage broker.\u00a0 If your…<\/p>\n","protected":false},"author":1,"featured_media":4959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n\u00a0Which mortgage should I get if I have bad credit? - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/which-mortgage-should-i-get-if-i-have-bad-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00a0Which mortgage should I get if I have bad credit? - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"Having bad credit will most likely mean that you are not going to be able to get the best interest rate on your mortgage. 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