Do you have less than perfect credit? We may be able to help you to get a mortgage.

If your mortgage application got rejected by your bank due to credit problems or maybe because of previously filed bankruptcy, we may be able to help. We work with a number of lenders that arrange financing in cases just like yours and offer very competitive interest rates.

Your current income, amount of downpayment and a reasonable explanation of the credit issues will be taken into consideration. After discussing your situation, I will submit your mortgage application to a selected lender stressing your strongest points.

Q: I don't think that my credit is good. About 3 - 4 years I got laid off and I missed several payments on my credit cards. Since then I found a different job, and all my credit payments have been on time. Can you help me?

I have good news for you! When reviewing your credit report, banks only take into account your payment history for the past 24 months or 2 years. So if your missed payments happen to be prior to the 24 months since the credit is checked, banks disregard any past issues. If your credit has been "clean" for the 24 months, you will be able to get the best rates available.

Q: In the past I filed for bankruptcy. Can I get a mortgage?

In your situation, you will be able to get a mortgage if it has been at least 2 years since your bankruptcy got discharged (some lenders will allow only 1 year, if you don't mind a higher interest rate) with re-established clean credit. In this case you will get the best rates.

Q: What do you mean by re-established credit?

Re-established credit means that since the issues on your credit occured, you continued using your credit accounts and missed no payments for the past 24 months. I realize that after you filed for bankruptcy, your credit accounts would be shut down. But as soon as your bankruptcy is discharged, you can apply for a secured credit card. Remember, you are doing this only for the purpose of re-building your credit. Put a small charge on your credit card every month, and pay it out on time. If your bank does not offer a secured credit card, I can put you in touch with credit companies that do.

Q: What is a secured credit card?

It works like this. To obtain a secured credit card with a limit of $500, you give the bank $500 dollards in advance and they issue you the card. If you choose to shut down this account,you will need to bring the balance to zero, and you will get your $500 back. You don't need to keep a secured credit card for longer than 2 years. Typically secured credit cards limit ranges from $500 to $1000 dollards.

Q: I am old-fashioned and I refuse to apply for a credit card. I never had one, and I don't want to pay any bank iinterest charges when I can pay in cash.

I totally understand where you are coming from. Paying for everything without relying on your credit cards is a smart way to do it. But what happens when you decide to buy a car or a house and you don't have enough cash to do so? If you need financing in the future, no bank will know how good you are at paying out your debt. It's important to have at least 2 credit accounts (credit cards, lines of credit). To avoid interest charges, pay your credit card out in full every month before the due date. Certainly, you will not be the credit card company "perfect" customer, as they can't make any money on you, but you will do yourself a favour by having an impeccable credit.

Q: My application for a credit card got declined at my bank. Should I try several other banks and maybe have a better luck there?

No. Banks use the same guidelines when making the decision. If you got declined at one bank, chances are pretty high that the bank #2, or #10 will decline it as well. Each time you apply for a credit card, your credit will be checked. The more institutions check your credit within a short period of time, the worse your credit gets. The system thinks that you are desperately are looking for money for whatever reason, and drops your credit rating. If you got declined once, apply for a secured credit card at a company that will give you a credit card for sure. Call me for more details.