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Bad Credit Mortgage In Ottawa

Is your credit score poor? Secure Low rate mortgage that is 100% tailored for a bad credit mortgage based on your current financial situation.

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Benefits of Mortgage Loan Ontario’s Bad Credit Mortgage:

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  • Easy Approvals

    Bad credit mortgages in Ontario are approved easily by our lending network.

  • High Loan to Value

    We provide maximum loans to value even for bad credit scores in Ontario.

  • Flexible Options

    We shall provide multiple solutions tailored to your needs to choose from.

Mortgage Loan Ontario can help you get a Bad Credit Mortgage

If you have built-up equity in your house, but your credit score is not the greatest, a bad credit mortgage is the ideal mortgage option to set things right. Many assume that if they have a poor financial history, it would be impossible to get a mortgage. Irrespective of whether you seek a second mortgage, equity line of credit, or another type of home financing, a bad credit mortgage is the best option to repair your credit rating.

Many traditional lenders do not offer second mortgages for borrowers with poor credit scores. However, the brokers at Mortgage Loan Ontario have worked with several lenders in the Ottawa region to help borrowers find the ideal bad credit mortgage based on their needs and financial situation. If you have enough built-up equity in your property and need a loan, please do not hesitate to get in touch with our team today for a bad credit mortgage in Ottawa.

How Can I Get a Mortgage with Bad Credit?

With how stringent the guidelines are today, many Canadians are being turned down by their banks for mortgages. Even if your credit score is decent, but you are a self-employed business owner, you can still face difficulty in qualifying for a mortgage at a bank. Don’t worry, the team at Mortgage Loan Ontario can help you get approved for a loan even if a bank turns you down.

Borrowers whose credit scores are good will usually be able to qualify for much lower interest rates, however, if you have a poor credit score, you will end up paying a higher rate of interest on your loan. Self-employed individuals usually do not declare all of their earnings.

Is your poor credit score stopping you from applying for a mortgage? Call Mortgage Loan Ontario today to find out more details.

Bad Credit Mortgage In Ottaw
A Bad Credit Mortgage

How Can I Qualify For A Bad Credit Mortgage?

  • Prepare for a larger down payment

    Individuals with a good credit score can place down as little as 5% as a down payment. However, if your credit score is not the best, then you might need to place a down payment of somewhere between 15 – 20% of the purchase price. The more you place down as a down payment, it is more likely the lender will provide you with a preferred interest rate.

  • Prove your monthly income to the lender

    Borrowers must prove their source of income to get approved for a mortgage. Lenders tend to use a formula called Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS) to determine if a borrower will be able to afford the monthly payment.

  • Get your home appraised

    Getting your property appraised by an expert will give the lender a realistic estimate of the value of your house. Post appraisal, the lender will use a Loan-to-Value Ratio (LTV) as a tool to assess how risky the loan can be to them.

  • Find a co-signer you can rely on

    Getting a family member, business partner or friend with a strong credit rating to co-sign on a mortgage will calm the nerves of the lender to approve the mortgage even if you have bad credit.

What Should I Avoid Doing When Applying For A Bad Credit Mortgage?

Try to not give more than what is required. It pays off listening to the advice from our brokers at Mortgage Loan Ontario. Send only the documents that we request, and send them as immediately as possible. Avoid sending documents that are not requested from the broker. Not all lenders will need the see most documents. If a lender requires additional documentation, they will enquire with your mortgage broker, and the broker will contact you on the same. To ensure privacy, you should only provide a photocopy of the documents and not the original ones.

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Ottawa Bad Credit Mortgage Services

What Can A Bad Credit Mortgage Be Used For?

If your credit score is not the best, it can be a challenge to secure a mortgage, but it is not impossible. By making your regular monthly payments, you can show the lender that you can meet your financial duties. Most people utilize a bad credit mortgage to purchase a house or refinance. However, keep in mind; that you will not be able to get a low-interest rate because of your score, but if you take steps to improve your credit rating, you will be able to qualify for a low rate over time.

Get fast and easy approval for a Bad Credit Mortgage with Mortgage Loan Ontario!

Even though most banks will not entertain your mortgage request because of your low credit score, there are plenty of lenders that will offer borrowers a mortgage even with a bad credit score. Our experienced mortgage brokers at Mortgage Loan Ontario have built a sound relationship with various lenders across Ottawa to find a lender that will approve your mortgage request. For further enquiries or if you are looking to apply for a bad credit mortgage in Ottawa, contact the team at Mortgage Loan Ontario today.

Looking to apply for a bad credit mortgage in Ottawa? Call Mortgage Loan Ontario today for more details.

fast and easy approval for a Bad Credit Mortgage

Get Bad Credit Mortgage in three easy steps

Save thousands of dollars in your mortgage interest payments


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Pre-approvals for any type of mortgage requirement.


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Cash gets credited within a couple of days.

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Frequently Asked Questions

How to get a mortgage with Bad credit?

The chances of you securing a bad credit mortgage from a traditional lender are impossible, however, the brokers at Mortgage Loan Ontario have relationships with alternative lenders to help secure bad credit mortgage options.

What is the minimum credit score to qualify for a mortgage?

The minimum credit score to qualify with a bank is 600. Don’t worry, if your score is less than that, we can identify a lender that is willing to accept your request.

Can you buy a house with a bad credit score?

Yes, you can! The brokers at Mortgage Loan Ontario can identify a lender that will help you achieve your dream of owning a home even if your credit score is not the best.

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