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

Sub Prime Mortgages

Get Approved in 3 Simple Steps
Step 1
  • Type of Loan
  • Mortgage Request
Step 2
  • Property Value
  • $ 50,000
  • Mortgage Request
  • $ 50,000
Step 3
Your Estimated Monthly Payment *

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Subprime Mortgage

What do you do if you need a mortgage but have less than impressive credit? What if you are self-employed and have a variable income? Can you still get a mortgage if your income relies on commission? These are questions we are often asked.

As a mortgage lender, PrivateLend.com knows all too well that some people will be turned down when applying for a mortgage. For the most part, the people being turned down are good upstanding Canadians who just want to own their own home but have reached an impasse because of credit mistakes from their past or their current employment situation. If you’re one of these people, you can still get a home loan in the form of a subprime mortgage.

What Is A Subprime Mortgage?

A subprime mortgage is a loan that is reserved for people with poor credit that have been turned down by their bank/mortgage broker. If you have poor credit but can still make your monthly mortgage payments, there’s no reason why you shouldn’t be able to refinance your home.

Subprime mortgages are also available to those who have trouble proving their income because they work on commission or receive bonuses of varying amounts. These mortgages do require you to make a 20% down payment on your property. However, most mortgage brokers will tell you that making a down payment of less than 20% isn’t always the best option.

With a down payment of 20%, you avoid having to take out mortgage insurance which is an added monthly expense. You may have heard of these insurance companies such as CMHC or Genworth.

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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!

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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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testimonials

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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