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Need To Borrow Money? Own Your Home? No Credit   No Income   No Problem

No Credit Mortgages

Get Approved in 3 Simple Steps
Step 1

    Select Type of Loan

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    Select Mortgage Request

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Step 2
  • Property Value
  • $ 50,000
  • Mortgage Request
  • $ 50,000
Step 3
Your Estimated Monthly Payment *

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No Credit Mortgage If you’ve never owned a car or a credit card, it can be hard to get a mortgage. If you’re moving to Canada or have just recently settled here can you still get a mortgage without a Canadian credit trail? Traditionally, mortgage brokers used your credit score to see how much funding you qualify for, but what do you do if you don’t have Canadian credit history, any credit cards and have bruised credit. Fortunately, you can secure funding for a refinance regardless of your credit score: The no credit mortgage.

What Is A No Credit Mortgage?

This type of mortgage is created specifically for people with bruised, limited, to no Canadian credit history. Let’s say you move to Canada from overseas, you may have established credit in your country of origin but you have none here. Or, you have recently come into an inheritance or winnings and want to use the money to buy a home, but you have never had a credit card or other revolving loans. That doesn’t mean you aren’t going to pay your monthly mortgage bills on time. With a no credit mortgage, you can still receive funding for your refinance, albeit the process is different from that of a traditional mortgage where the individual has established credit.

What Is Required For a No Credit Mortgage?

Since you do not have the required credit score and or any Canadian credit history, you will have to make up for it in certain ways. If you have equity in your home, you are more likely to qualify for a no credit mortgage. You can also use a cosigner, someone with an established Canadian credit history for the mortgage. This ensures the lender that if you default on the loan, someone with traceable credit will be also be held accountable. This can assist in getting a better rate and term. You may also have to create an alternative credit history from your existing financial records. This includes rent cheques, utility bills and student loans if applicable. will help you with the process.

Why Use For This Kind Of Loan? are pros when it comes to non-traditional mortgages. Because we at feel that no one should be turned down for a loan, our resources extend far beyond those of the banks. When you go to your bank for a mortgage, they will turn you down if you do not have credit. They’ll try and force you to take on one of their credit cards to establish a history, and this is simply not necessary. Private lenders like us are able to get you a mortgage even if you don’t have credit. We do not discriminate against potential clients. If you need funding, we’ll find it for you no matter what your financial situation is. To find out more about no credit mortgages, contact us today. There’s no reason that you shouldn’t be able to refinance your home just because you don’t have credit or specifically, any Canadian credit. Back

Current Mortgage

  • Home Worth $300,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • $50,000 Mortgage Requested
  • $25,000 Tax Arrears $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

Second Mortgage

  • Home Worth $300,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • 2nd Mortgage Payment $250
  • $25,000 Tax Arrears Paid
  • $25,000 Credit Cards Paid
  • Total $1,300/month
You Save $1,450/month!


We get all situations approved

Latest Blog

What To Consider When Shopping For Mortgages

Posted by | Jun 27,2016

Are you thinking about purchasing a home? If so, then here are the questions you need to consider before you start shopping for a mortgage. What type of lender do you want to use? Mortgages are available through a wide variety of sources. You can obtain a home loan directly through lenders such as credit unions, mortgage companies, and commercial banks. You can also use a mortgage broker, who can contact lenders for you and present you will several different offers. Read More

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Being a new resident from another country and working for yourself can pose a lot of problems financially and I tried a number or people before finding Privatelend. Alicia and Sunny were quick, helpful and just made my life a whole lot easier. I can breathe again. I would recommend anyone to use them in a heartbeat.

D & E, North York

Thanks again for getting us back on track with our finances. You are all very pleasant and I have nothing but admiration for your professionalism with us in this big step we have taken at this stage of our life. We wish you the very best always.

K & S

I just finished a refinance with privatelend but it would not be complete unless I gave a shout out to my contacted people Alicia and Sunny they were competent ,prompt, easy to contact and very pleasant thanks a bunch girls great job.

Wayne from Whitby
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