Buy A Home In Toronto – Even With With Bad Credit!

Owning property is something that many people dream about and strive for in Canada. Buying a house can be a wonderful way to award yourself after years of hard work and late evenings at the office. Unfortunately, many people cannot qualify for a mortgage because of bad credit and no savings. Sandstone Management has a neat way to make things easier for you – the option of a rent to own home.

With tighter mortgage restrictions in place, getting a bad credit mortgage to buy a house by can be very tricky if you have a bad credit rating or have nearly no savings. Luckily, rent to own is a great solution where a tenant rents a property with the intention to buy it at a pre-determined price at some point in the future. In contrast to just paying rent, a certain amount from each month’s rent goes towards building equity for your downpayment. This way, you can get into a house with a smaller down payment – usually around 5%.

The friendly experts at Sandstone sit down with you and discuss your financial situation and determine how much you can afford to comfortably pay each month.  You then get to shop for a home in your price range.  They will negotiate the price of the home, check it for structural soundness, defects, fair value and more.  You get to move in right away and can decorate or make upgrades to the home.  The future purchase price of the house will be fixed upon signing the rent to own agreement.

You make your regular monthly lease payments on time, and they help you to rebuild your credit. Rent to own is a great way to get your credit into a better shape so that you could apply for a loan later on. Once your lease period is over, they help you find a mortgage lender. If the market price of the house goes up during the lease period, you will gain from the appreciation – since you are buying it for a pre-set price.  So you can build equity in 2 ways before you even own the home: real estate appreciation and monthly installment payments.

Sandstone Management experts help you to find the best possible solution for rent to own homes in Toronto. You can choose your dream house and move in right away, while you build or repair your credit.

How to Get a Mortgage in the GTA With Bad Credit

Bad Credit? Worried You Won’t Get Approved For a Mortgage?

If you have a poor credit rating due to financial conundrums in your past, and you’re worried about not being able to get approved for a mortgage that you need to become a home owner, don’t despair. There are still avenues you can take to make your dreams of home ownership come true. Although it’s true that most big banks and credit unions might frown upon those who apply for a mortgage with a bad credit history, and inevitably turn them down, independent mortgage brokers offer you more options.

Work With an Independent Mortgage Broker

With a mortgage broker, you’ll afford the benefit of having an independent party search for a lender that is willing to provide you with the information you need to buy your Toronto area home. Seasoned mortgage brokers deal with a wide range of lenders, including big banks, finance companies, credit unions and even private lenders. Since the broker works for you, not the bank, they will shop around for your bad credit mortgage Oakville or other cities. You only fill in one application and they will do the rest – having access to many lending products not available to the general public. Many lenders are in the business of lending to those with sub-par credit scores, so you can benefit from these lenders yourself!

Marcelle Tiqui, Mortgage Professional

If you’re ready to buy a home, and are looking to get approved for a bad credit mortgage in Ontario, Marcelle Tiqui should be your first point of contact. With Marcelle, you’ll have the advantage of dealing with a professional who has helped numerous Canadians realize their dreams of owning their very own home, despite having bad credit. After shopping around with a number of lenders, Marcelle will do the very best possible to land you with an approval, at the terms and rate that work for you and your budget.

After you’ve settled your mortgage and bought your home, Marcelle will guide you and show you how home ownership and on-time payments made in full can help you not only build equity, but also gradually improve your credit score so that you can eventually get to a point where getting a loan at a low rate will be much more feasible in the future. She can also help you if you are looking for a second mortgage, secured line of credit or a renewal.

Give Marcelle at House of Mortgage Experts a call regarding bad credit mortgage Ontario at (905) 208-7070 today and get the ball rolling for your mortgage approval immediately!