Bad credit and a bad credit history happen for a number of reasons: You lost a job, you forgot (or were unable) to pay your bills, you’re new to a country. We’ve been warned about what can happen because of bad credit—you won’t qualify for the best interest rates for mortgages or other types of loans, and, as a result, end up paying more to borrow; and, in some cases, you may not qualify for a mortgage at all. Don’t be discouraged. Even if your credit history and credit score aren’t the best right now, you can still qualify for a mortgage. If you have bad credit, your mortgage contract may come with more terms and more paperwork. But know that bad credit isn’t forever. And, for that matter, neither is a mortgage.
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Good vs. bad credit: What is a good credit score?
Your credit score is calculated based on the length of your credit history, your payment history and the amount of debt that you’re carrying…