Hawthorne Village (Milton) Discussion Board
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PostPosted: Mon Jan 25, 2016 8:19 am 

Joined: Fri Mar 07, 2014 1:51 pm
Posts: 550
Why is your credit so terrible? Have you fixed the problem?
There are "private lenders" who are happy to take advantage of people in your position with massive interest rates and a huge downpayment because they know there is very little risk for them. Worst case scenario is they walk away with everything you own if you miss a payment.
Before you went that route, I'd suggest talking to family members and see if they'll put the mortgage in their name with your downpayment and you pay them "rent".

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PostPosted: Thu Jan 28, 2016 8:51 am 

Joined: Sun Mar 15, 2009 8:26 pm
Posts: 727
Location: Cherrywood
Read this story about private lenders before you go that route. In some instances, the couples/families ended off in worst shape than before the private lenders.

http://torontolife.com/real-estate/how- ... the-brink/


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PostPosted: Mon Feb 01, 2016 6:56 pm 
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Joined: Wed Jul 21, 2010 6:14 am
Posts: 62
Location: Milton, Canada
Hi Martinke

In most cases, there will always be a lender that will fund your mortgage. To @lovelythanks4asking and @RTBC's correct responses, the question is at what cost.

A review of your situation will determine what lenders are best suited for your current financial status. For me, it is important to see the "alternate financing" or "private financing" as a stepping stone to getting back to institutional lenders at better rates and lesser or no fees. A crucial step in this process is to review your credit report to identify what is causing the lower score and what steps can be taken to rectify the situation. When you work direct with bank's, they will never show you your credit report. As mortgage brokers we are not allowed to give you copies of your reports but can certainly go through the report in detail with you.

Unfortunately, many people who need the assistance most at this time are taken advantage of by the alternate or private lenders and more so the agents or brokers that introduce them. Not everyone is painted with the same brush though. There are lenders in this space that are great to work with who share the same values to see the financing as stepping stones to better financing. Take the time to research the providers, ask tough questions and read reviews or testimonials.

I would be happy to answer any other questions you may have.

Warwick Johnston
Milton Mortgage Specialist at RBC

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PostPosted: Tue Mar 22, 2016 8:15 pm 

Joined: Thu May 28, 2015 9:12 pm
Posts: 7
rtbc wrote:
It is bit difficult to get mortgage when you have poor /bad credit score. Most of reputed banks and lenders will reject your mortgage application because of you bad score.

This is not totally true!

There is no cookie cutter approach to a mortgage application. I have personally helped individual that will attest to the fact they had bad credit and a negative networth and still got a mortgage from Scotia!

A low credit scores give a false impression of an individual. That's what it's my job to discredit the low credit score!

Always try with the A lenders, if it's an absolute fail, then you fall back on the other lenders.

If anyone is in the scenario where they believe their financial situation may affect their ability to borrow. Give me a call we can discuss your options.

Robin Shiwsankar | Home Financing Advisor
Scotiabank | Home Financing Solutions
T: 647 886 1214 F: 905-636-1354

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