B-Plus Mortgages

Can you still buy a home with poor or bad credit?

The quick answer is maybe. There are may factors that go into a mortgage approval and credit score is just one. There are other factors that can offset poor credit like size of down payment, income and most importantly, time. With enough time, anyone can get their financials in place for alternative lending to be an option for them.

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Helping low-credit buyers access mortgage options

Olympic Mortgages has helped hundreds of individuals and families build a plan to get them their first approval through B+ or alternative lending. Once in place, we work with you to transition from higher interest alternative lending to AAA rated lenders with better rates.

I have bad credit; what can I do?

If you have poor credit, there are 3 main factors that can help get you approved through alternative lending:

Total Household Income

To make lenders feel more at ease, having a higher income can go a long way. Ensuring you are reporting all your income from side work or a rental suite can go a long way.

Down Payment/Equity

For a refinance, having a larger amount of equity is key. Working with a broker that can help ensure you get the highest appraised value for your home can increase the total equity. If you are buying a new home, then having the largest down payment possible can get you approved. Instead of 5% down try for 20%.

Value and Type of Property

Selecting the right property is by far one of the largest factors. The value of the home is the collateral, and lenders look at this very closely. In addition, having a home that contains an income suite can alleviate many of the lender's concerns by having the extra income.

David and his team put together a plan to get me into the perfect home at the perfect rate. It was a longer process then most, as I had to organize my finances based on his recommendations. David was then able to get me approved for a 1-year term with a private alternative lender. The rate was not the best, but it got my foot in the door. At the end of the 1-year term, David had me moved over to a AAA lender with an incredible rate.

Brian and Jenny

No matter where you are in the buying process, its always the right time to setup a call with a mortgage specialist!

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At Olympic Mortage, we want the best for the people around us. We care for our clients, whomever they are, wherever they’re from. Everyone gets the best of us, because that’s what we want to be putting out to the world. So go ahead, try us.

CONTACT DETAILS

Suite 301, 1321 Blanshard Street
Victoria, BC V8W 0B6
info@olympicmortgages.ca
250.858.7160

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