Mortgage Refinancing for Homeowners with Bad Credit

Mortgage Refinancing with Bad Credit

Refinancing your mortgage could save you hundreds of dollars per month, help increase the equity in your home more quickly, or facilitate that large purchase you have dreamt of for so long! Your home is one of your most valuable assets and it is important to make that asset work for you to improve your financial situation or reach your financial goals.
If you are one of the many Canadians considering a mortgage refinancing package but are worried about a poor credit rating, there is hope! Up until recently, it was impossible to qualify for mortgage refinancing in Canada if you had bad credit. Although it is more difficult to qualify for refinancing with a blemished credit report, many established mortgage and credit specialists such as Canada Lend now have a policy of working with all credit scores.
In Canada, credit scores range from 300 up to 850 points – although 850 is the highest attainable score, if you have a credit score of less than 650, it is unlikely that you will be considered for credit with a Major Financial Institution. Although it is possible to access your credit score, it may vary from the number a lender receives, as each creditor applies a particular set of risk rules. There are many reasons why you might find yourself with a low credit score, and it is also quite difficult to pinpoint exactly how your credit score is calculated; however, the following are some factors which may have taken their toll on your score:

Payment History

If you do not have a good record of paying all of your bills on time or have had your account sent to a collection agency, your credit score may be negatively impacted.

History of Accounts

A bad credit score may be due to the fact that you do not have an established history and therefore have not proven yourself as a good credit risk.

Multiple Credit Inquiries

Opening numerous credit accounts may negatively affect your credit as it implies that you may be experiencing financial difficulties.
Unfortunately, there are many other circumstances which may reduce your ability to qualify for mortgage refinancing with bad credit, and once you are labelled as high risk, it may take up to ten years to improve your credit reputation. Many Canadians would prefer not to wait for such an extended period before unlocking the benefits associated with refinancing their home; and now they don’t have to! Specialists such as those at Canada Lend have access to a network of private lenders catering to clients with bad credit issues, including bankruptcy. These lenders will work with you to secure the best possible interest rates, secure your loan and assist in making your finances more manageable. It may also be possible to increase your mortgage up to a maximum loan-to-value ratio of 85%, based on how much equity you have in your home.
Find out what your options are today – set up an appointment via and have an expert assess your complete financial situation and connect you with the right mortgage refinancing plan to meet your needs – even if you have a history of bad credit!


4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!