Bad Credit Mortgage

Even When The Banks Say No, We Say Yes!

What Is A Bad Credit Mortgage In Canada?

A bad credit mortgage is a term that is used when someone who has poor credit, bad credit, horrible credit, or no credit applies for a mortgage loan.

As you may have heard or read in the news recently, in 2021 Canadians are having a harder time getting approved for mortgages at their banks due to recent policy changes. Mortgages are even harder to come across if you have less than excellent credit and high income. This is where bad credit mortgage loans come in.

Bad credit mortgages in Canada are mostly available through alternative lenders and through channels that are not as well known for mortgages. Since banks and many other larger institutional mortgage lenders will only approve the lending of mortgages to individuals who have good credit, great credit, or excellent credit. It is important to understand that even if your credit is not too bad, you could still get turned away by the banks when applying for a mortgage and other mortgage related loans.

If you are consistently late on mortgage payments, if your taxes are in arrears, have an outstanding first mortgage or second mortgages, have missed payments on your mortgage or credit cards, department store cards or other debts, high revolving balances on a credit card and store cards, or if you have had a bankruptcy or consumer proposal in the last 7 years, this along with other factors can most definitely contribute to a very bad or low credit score. Based on a person’s credit mortgages will vary in rate and terms.

Mortgage Affordability Calculator

Our Clover Mortgage Affordability Calculator can help you determine how much of a mortgage and property you can afford.
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You potentially qualify for a maximum mortgage of up to $0,00 or a maximum monthly mortgage payment of up to $0,00*

*This is not a pre-approval and not an approved mortgage quote. This is merely an estimated calculation based on a 39% maximum TDS and the maximum mortgage amount and maximum monthly mortgage payment that you might qualify for may vary depending on a variety of factors including, but not limited to, the loan to value, the credit scores and credit histories of all applicants, the income reported on official government filed tax documents, the location and condition of the property, and more. For a more precise quote, please contact Clover Mortgage by phone 416-674-6222 or by email at

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You may have heard in the news that given the strict regulations and policy changes, banks and most other conventional lenders must follow in today’s mortgage market, Canadians are more likely to get approved with an alternative lender, also known as a B lender, or through private mortgage lenders. At Clover Mortgage, we have access to over 40 different lenders across Canada who specialize in a variety of mortgages. These private mortgage loans and alternative mortgage lenders lend on mortgages in both major cities like Toronto, Mississauga, Oakville, Oshawa, Ottawa, and even small cities and town like the city or Barrie, London, Simcoe County, and all over Ontario.

Many of the lenders who we work with specialize in quickly approving mortgage loans for Canadian people with bad credit or low income, or self declared income. We spend the time looking for the right mortgage loans solution for your needs at the current lowest rates and best terms that are available to you.

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We understand that situations happen in life and sometimes we are not dealt the right cards. Getting the right mortgages these days for borrowers with current bad credit can be next to impossible on your own. A good mortgage broker provides the services necessary to make your dreams of home ownership possible. These situations could prevent you from being able to afford making certain payments on time, and unfortunately those situations can cause scores to drop below a score that is acceptable by lenders such as banks and monoline lenders.

The professional and experienced mortgage brokers and agents at Clover Mortgage support you and understand that just because your credit is bad, or you are using your cards to hold temporary debt balances, that does not mean that you are a bad person to give first mortgage loans or second mortgage loans to. The alternative and private lenders that we work with understand that bad luck happens, and they are happy to provide temporary short term fixed rate loans to help you through the tougher points in life and get you back on track to a positive financial future.

Many of the alternative and private lenders that we work with do not place much emphasis on your credit history. Instead, they place the majority, if not all of their decision on the value, marketability, condition, and location of your property. They are looking to mitigate their risk through the property rather than through the borrower. That is why in many cases a private lender will not require a credit check at all so even credit that is bad will not hurt your chances of qualifying. This can be an ideal lender for borrowers who have really bad credit, or people who have no credit such as newcomers to Canada.

You can learn and read more about private mortgages by visiting the Private Mortgages page on our website for great educational content. Properties located in a more desirable area or city such as Toronto, Mississauga, or other more populated parts of Ontario and Canada are considered to be more marketable and easier to sell in the event that a lender is required to go power of sale. Depending on a borrower’s credit mortgages can be seen as being risky, in the event of bad credit, or less risky in the event of excellent credit. The more you please your lender’s risk tolerance, the lower the rate you will be required to pay. To help assess you as a borrower, many lenders will want to meet you before granting you a mortgage.

Although your credit history is one of the most important factors for getting approved for a mortgage from a bank, there are many non-bank lenders that do not place as much importance on a borrower’s credit score, and some lenders that place next to no importance on a borrower’s credit history.

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How Can I Get A Mortgage With Bad Credit?

Given today’s extra strict guidelines, more and more Canadians are being turned away by their banks for mortgages. Even if you have good credit, but are self employed you might still have trouble qualifying for a mortgage at a bank. Have no fear, Clover Mortgage is here! In most cases, we can help you get approved for the mortgage you need even if you get denied by the bank for a mortgage.

It should not come as news that different lenders offer different first, second, and even third mortgages to a variety of borrowers. Borrowers who have amazing credit will typically be able to qualify for lower interest rates than borrowers who have poor to horribly bad credit due to missed mortgage loans payments, tax arrears, past bankruptcies, or a consumer proposal. Credit is not the only determining factor when it comes to the interest rate that you will pay, your income and debt ratio also plays in the rates that you will be paying on your mortgage and other loans. Many people who are self employed and do not declare all of their earnings end up pay for it through increased interest on mortgages and other loans. Bad credit typically leads to high interest.

Interesting fact, it is 2021 and most Canadians still do not know that if they carry a balance on their credit cards or department store cards that exceeds only 30% of the limit that they have on their credit cards and other loan carrying cards, that negatively impacts their scores. In some extreme instances having too much debt and missed payments can be almost as damaging to your score as a past bankruptcy.

What are the interest rates for a bad credit mortgage?

Here is a chart that illustrates the interest rates that Canadians with bad credit or less than ideal credit may pay:

Credit Score Excellent Credit Good Credit Fair Credit Poor Credit Bad Credit
(Above 750) (700-749) (650-699) (550-649) (Below 550)
Interest Rates Starting At* 2.59%* 2.59%* 2.59%* 3.99%* 6.99*

*Interest rates are subject to change at anytime. Terms and conditions may apply. Mortgage default insurance may be required with some rates.

Although the media likes to talk about what the average rates on mortgage loans are, these mortgage rates will depend on a variety of factors. Mortgage rates in a more densely populated city such as Toronto or Mississauga, could be lower than in less populated cities in Ontario or across Canada. Speak with a mortgage broker to get the latest bad credit mortgage rates. Clover Mortgage is also one of the best sources for services that compare up to date rates for good credit mortgages.

To give you a better idea of what monthly payments may be with bad credit mortgages, here are 4 different example scenarios:

Scenario 1

It is 2021 and John is a first time home buyer and is looking to buy a new property. His search is over and he found the perfect home in a great location in Toronto and he is planning to purchase it for $600,000. He has an excellent credit score of 800, high income, and very little debts. He has $200,000 as a down payment to deposit upon closing. As a result, his mortgage broker was able to qualify him at the bank or a monoline lender for a $400,000 first mortgage at fixed 2.89% for a 1 year term mortgage that is amortized over 25 years. Due to his excellent credit mortgages have always come at a low rate for John.

John’s monthly mortgage payments (including interest and principal payments) will be $1,870.57 per month. At the end of his 1 year term he would have paid a total of $22,446.84, of which $11,100.66 would go towards paying down the principal and $11,346.18 would be interest payments. At the end of the 1 year term, John will still have $388,919.34 remaining on his mortgage.

Scenario 2

John is a buyer purchasing the same new home and has the same $200,000 as a down payment. He still needs a $400,000 mortgage. He has a fair score which is 660, and all else remains the same. John does not qualify at the bank or a monoline lender, so he asks his broker to start looking for an alternative solution. John’s broker qualifies him at an alternative boutique lender such as trust companies. The rate that John must pay due to his credit is 3.99% fixed for a 1 year term.

Based on this information, John’s monthly mortgage payment (including interest and principal payments) will be $2,102.02 per month. This is only $231.45 a month more than he would be paying if he had excellent credit and received a fixed rate of 2.89%. At the end of his 1 year term he would have paid a total of $25,224.24 of which $9,566.81 would go towards paying down the principal mortgage balance, and $15,657.43 would go towards the interest. At the end of the year, John would still have $390,453.19 remaining on his mortgage before.

Scenario 3

John is purchasing the new home for $600,000 and needs a mortgage of $400,000 because he has $200,000 saved up for the down payment. His credit rating is only 570, which is poor. John can only qualify at a B lender that gives John a fixed rate of 4.99% for a 1 year term starting in the summer of 2021.

In this scenario John would have a monthly mortgage payment (interest plus principal payments) of $2,324.26 which is $222.24 more than if he had fair credit. After a year, John would have paid a total of $27,891.12 of which $8,321.22 would be principal payments, and $19,569.90 would be interest payments. After the year John would still have a mortgage balance of $391,698.78.

Scenario 4

John is purchasing the same new home and has $200,000 to give as a down payment. He still needs the $400,000 as mortgage only this time he has a very bad score of below 500 because he has a past consumer proposal and filed for bankruptcy a few years ago. As a result, John needs to get his mortgage loan from a private lender. The private lender charges John a rate of 7.49%, but the loan is an interest only loan. This means that John must only pay the interest portion of the loan without making any payments towards the principal outstanding balance.

At the end of the year, John will still have $400,000 owing as a mortgage loan, unless he opts to also make payments towards the principal on his own accord. The term for this private mortgage will also be 1 year. Since John has recently began struggling with his credit mortgages have been challenging for him over the past few years.

Based on this John’s monthly payments will be $2,496.67. After the 1 year term, John would have paid $29,960.00 of which the entire amount would be interest payments. This means that John would still have the full $400,000 left on his mortgage. If he continues like this, at this pace he will never be free of his mortgage. Fortunately, John took steps over the year to improve his score, pay down balances owing on various consumer cards and can now qualify at a B lender for a lower rate. John continues to work hard at repairing his credit and within another year his score is so good that John now qualifies at a conventional bank for a very low rate.

It is important to note that due to the higher interest rates of a private mortgage, this type of mortgage is usually short-term solutions while the client gets their credit and financial situation back on track.

One important differentiating benefit to applying for bad credit mortgages vs mortgages solutions through a bank is that the process tends to be much shorter and less time consuming for the borrower. As your mortgage broker, we will help you gather all of the documents required. Unlike a bank, a private lender requires much less documentation since their main concern is with the property itself rather than the borrower’s credit history. For your privacy, your broker will give all original documents back to you once the mortgage gets funded.

While you will get better mortgage rates if your score is good or excellent, it can take weeks and even over a month to get a firm answer from a bank in Canada. If your credit happens to be bad or poor, the process to get approved for a mortgage loan is often times less stressful and less hassle when you turn to an alternative lender. Scores of 500 or less will almost always require the help of a private mortgage lender.

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Just because you have bad credit doesn’t mean you shouldn’t be able to get a loan for your home. At Clover, we are committed to helping all of our customer get approved for a mortgage that they need and helping arrange bad credit mortgages for clients with credit issues. We will set you up with a short term solution from a boutique alternative lender to help you re-establish and improve your credit score. Our knowledgeable Mortgage Agents will provide you with a solid plan to help you get back on track so that you can get approved with a bank or institutional lender in the near future.

How Can I Qualify For A Bad Credit Mortgage?

Here are a few steps you can take to make your bad credit mortgage approval process a little easier.

Prepare A Larger Down Payment

Candidates with excellent credit can put down as little as 5% in some cases, however applicants with credit issues are often required put down at least 15% – 20%. The more you are able to invest in your downpayment, the more likely your lender will approve you and provide you with a preferred interest rate.

Prove Your Monthly Income

Every mortgage application requires a borrower to prove their income is sufficient enough to make their monthly payments. Most lenders use a formula called Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS) to calculate if a borrower will be able to afford their monthly mortgage payments. Bad credit borrowers should aim to keep their GDS and TDS below 30% although some lenders will still approve borrowers with poor credit who have higher debt ratios provided that they have a 35% down payment.

Get Your Property Appraised

A professional property appraisal will give your lender a realistic estimate of the value of your home. To ensure accuracy, the lenders will typically require a specific appraisal company that they trust to conduct the appraisal. Once the property is appraised, lenders often use the Loan to Value Ratio (LTV) as an assessment tool to demonstrate how risky a loan can be. An LTV is determined by calculating the borrowed amount against the total appraised value of the property. At Clover, we work with a wide variety of lenders, some of which are willing to lend up to 90% of the value of the home or property, though 80% to 85% is more common when credit is an issue.

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Find A Reliable Co-Signer

Getting a family member, friend, or business partner with a strong credit history to co-sign on a mortgage application will make a lender more comfortable with giving a mortgage to a borrower with bad credit.

A lender lends their money based on the likeliness that the borrower will pay back the loan in time. As a borrower’s score decreases, the risk that the lender is asked to take on increases. Therefore, certain lenders that accept a greater risk will charge a higher interest to make the risk worth their while. In order to help mitigate or lower the level of risk that the lender needs to accept, a borrower can have a co-signer who either has better credit and/or more income. The purpose of the co-signer is to guarantee the loan in the event that the borrower defaults on payments. A co-signer can be a friend and does not have to be related to you.

If you have bad credit, but a family member or friend of yours has good personal credit, they can co-sign your loan to help you get approved, and in some cases even qualify for a better rate or a more conventional lender.

Cross Collateralization

If you cannot come up with the larger down payment required for clients with credit issues or are looking for a higher Loan To Value (LTV) ratio, consider adding a second property, or even a friend or family member’s property as cross collateral. In many cases the overall loan to value ratio is calculated based on both properties and their respective loans. In most cases this reduces the overall risk for the lender by decreasing the combined LTV which will often allow you, the borrower, to put down a lower down payment and will help you get a lower mortgage interest rate with better terms.

Despite the challenges associated with getting a bad credit mortgage in Canada, many Canadian lenders are willing to give applicants with a less than ideal credit score a chance. At Clover we understand how hard it can be to get a mortgage with poor credit. We pride ourselves on working with all types of bad credit applicants and helping them get approved for a mortgage or home equity loan that is the best choice for their unique situation.

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When In Doubt, Ask Your Clover Mortgage Broker Or Agent!

The experienced and professional mortgage brokers and mortgage agents at Clover Mortgage are here to help guide you with non-biased and honest advice that is meant to help you get approved for the lowest mortgage rate and best mortgage terms that are available to you. We strive to provide you with the top level of customer service, and a quick and easy approval whether you have great credit or if you credit history is really bad. We understand that temporary life situations can cause real challenges and issues when applying for a mortgage in different situations. It is our job to search for the right mortgage to suit all of your needs.

What Should I Avoid Doing When Applying For A Bad Credit Mortgage?

Do not give more than required and always follow the advice of your Clover Mortgage broker

You always want to follow the advice of your Clover Mortgage broker. If your mortgage broker asks for certain documents, then send them only those documents, and send them as quickly as possible. Never send documents that your broker or agent does not request from you. Not all lenders require the same documentation. Depending on the lender, some might want to see certain documents, while others might want to see other documents. Avoid sending more documents than necessary because if a lender will want to see additional documentation, they will ask your mortgage broker, and your broker will ask you.

For privacy purposes you should only provide a photocopy or photo of you documents and retain all of the original ones.

What Are Some Pros And Cons Of A Bad Credit Mortgage?

As previously mentioned, these kinds of mortgages tend to come with higher mortgage rates since the credit of the borrower is bad. When the score is bad, the lender will likely consider the risk of default high, which is seen to be a bad thing in the lending and investment business.

Here is a list of a few pros and cons associated with a bad credit mortgage:

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Pros Of A Bad Credit Mortgage:

  • Quick and easy approvals: If you have bad credit you will not be able to qualify for a mortgage at an A lender like a bank or monoline lender. As a result, your mortgage broker would help you get approved through either an alternative lender or B lender like a trust company or credit union. The process to get approved by this type of lenders is quicker and requires less documentation than getting approved at a bank. If your credit is too bad for a B lender, or your income is too low, or you are self employed and have a non-conventional way of declaring your income, then your Clover Mortgage agent can help make it easy for you to get approved by working with a private lender.
    Private mortgage lenders are even easier and quicker at providing an approval since they require the least amount of documentation as they look primarily at the value and marketability of the property itself. A Canadian private lender can approve applications and provide funding for bad credit mortgages in as little as 48 hours from the time that your application is submitted by your mortgage broker at Clover Mortgage. This is ideal if you are looking to get your mortgage application approved and funded as quickly as possible.
  • No minimum credit check required: If your credit is really bad, even horribly bad, then you may be best to apply with a lender who does not even require a credit check to be completed. These lenders are primarily private lenders, and Clover Mortgage works with many different private lenders from all across Canada. Each of these lenders focus on the business of lending their money for bad credit mortgages based on different types of criteria. Our experienced mortgage brokers have the knowledge to determine which lenders would provide you with fastest approval, and the best mortgage rates and terms based on you specific financial situation.
  • Bad credit mortgages can help you repair and improve your credit score for the future: Everyone wants to get approved for the lowest mortgage rates when they apply for a mortgage. If your credit is bad, or your income is too low, or you are self employed and declare your income in a non-conventional way, or your debts are too high, then you won’t be able to qualify for those super low rates. Not until you play your cards right and your credit or financial situation improves. However, getting bad credit mortgages from an alternative lender or even from a private lender, and making monthly payments on time can help you repair and improve the scores of borrowers over time. One way to help improve your score is limiting your unnecessary purchases to only the money you have on your bank cards rather than buying things on credit.
    You can apply for a higher mortgage amount and use part of the surplus money so that you can pay down some higher interest debts and consolidate them into so that you can pay one smaller monthly payment. If you use the freed up cashflow and pay off the debt principal, then in a year or two you might find yourself with a score that is high enough to qualify and pay a better mortgage rate through a more conventional lender.

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Cons Of A Bad Credit Mortgage:

  • Higher than conventional interest rates: Now, we already know that alternative lenders and private mortgage lenders accept more risk than traditional lenders like banks. As a result, they charge a higher interest rate to make it worth their while to take on the additional risk, and to offset the increase in bad debt that they have to accept. Where an A lender might offer rates as low as 1.59% in 2021 to a borrower with an excellent credit score, a B lender might offer rates that start at 3.49% to someone with fair credit. Some private lenders offer rates starting at 6.99% to borrowers who have bad credit, while other lenders might not check your credit at all and offer you a rate starting at 7.99%. In these cases it does not matter how bad your credit rating might be.
  • Added lender and broker fees: Banks and other AAA lenders in Canada pay Canadian mortgage brokers directly. Private lenders and some other alternative lenders tend to not pay the brokers. This is why in most cases when an alternative lender is needed, the mortgage brokerage will charge a separate broker fee to the borrower. This fee is deducted from the mortgage loan and does not have to be paid upfront by the borrower. In the case of a private lender, these lenders also charge a lender fee to the borrower in addition to the interest rates. Now, these lender fees are also taken from the mortgage advance and not paid by the borrower until the mortgage has closed.

What Can A Bad Credit Mortgage Be Used For?

There are many uses for a bad credit mortgage, here are the most common ones:

  1. Bad credit mortgages can be used for purchasing homes or properties
    When someone is purchasing a home, an investment or vacation property, or even a commercial property and the borrower has bad credit, there will likely need to apply for a bad credit mortgage loan.
  2. A bad credit mortgage is common when refinancing a home or property
    If you need to refinance your home and take out equity in the form of a home equity loan, but your credit is bad or worse than it was when you first mortgaged your property, then a bad credit mortgage might be your only choice and the only way you might be able to get approved for a mortgage in Canada.
  3. When a renovation is needed, a bad credit mortgage refinance can help
    If you need to renovate your home, but have bad credit and you do not have enough cash available, then a bad credit mortgage refinance might be the best one of the options for you. A home refinance or equity takeback, also known as a home equity loan, will often times provide you with a lower interest rate than many of the home improvement store credit cards, or other types of loans. Ask your mortgage broker to search for the best mortgage lender for financing your specific needs and financial situation.
  4. A debt consolidation loan can come in the form of a bad credit mortgage
    Homeowners who have a lot of high interest debts and bad debts that they are having trouble paying for, or tax arrears, can often times benefit from a consolidation loan. A bad credit mortgage can use the equity you have available in your home for the purposes of consolidating debt can help combine all of the higher interest monthly payments from loans, personal credit cards, retail cards, and other sources into one lower interest mortgage loan with a much lower monthly payment.
  5. You can use a bad credit mortgage to help you rebuild and repair your credit
    By taking out a bad credit mortgage as a form of debt consolidation, a borrower can use the extra cashflow that they have to put towards paying down the balances owing on credit cards, car loans, and other higher interest debts. By reducing your balances on credit cards, loans and your overall debt ratios, you can start rebuilding your credit history and improving your credit score. Even by paying down the balance of just one credit card, this can start to improve your score. If you do not have any credit cards, then turn to prepaid cards to start rebuilding your score. Prepaid cards are a great way to start re-establishing your credit worthiness and prevent yourself from going further into debt. A prepaid card might be the best kind of card to help you start your journey to repairing your credit.With enough improvement, such as paying down high-interest cards and staying up to date on payment obligations, a borrower who needs to apply for a bad credit mortgage today can increase their chances at qualifying for a better rate by financing through a more conventional lender in a year or two. Try only making a leisurely purchase using your bank or debit cards instead of going further into debt.

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How Long Does Bad Credit Stay On Your Record?

Sometimes life presents us with challenges that put a lot of unmanageable stress and pressure on our finances. Credit bureaus like Equifax and Transunion keep records of late and missed payments, outstanding debts, and things like bankruptcies or consumer proposals on your credit report for various lengths of time depending on what the exact issue is.

Here is a simple list that outlines how long different delinquencies and items will be kept on your credit record:

Hard Credit Checks / Inquiries: 3 years from date posted

Judgements: 6 years from date filed

Collections: 6 years from date of last activity

Trade Items: 6 years from date of last activity

Previous High Rates: 6 years from date reported

L/S Trade Item: 6 years from date reported

Consumer Proposal: 3 years from date settled (if no settlement date is present, 6 years from date filed)

Bankruptcy: 6 years from date discharged (if no discharge date is present, 7 years from date filed)

Multiple Bankruptcies: 1st bankruptcy purges from your record 14 years from the date of discharge, additional bankruptcy purges 14 years from the date of discharge

Secured Loans: 6 years from date filed

Banking Items: 6 years from date reported

Frequently Asked Questions (FAQ) About Getting A Private Mortgage

How large of a mortgage can I get with a bad credit mortgage?

At Clover Mortgage our team of top mortgage brokers and agents works with alternative mortgage lenders who will lend up to 80% of the home’s value towards a bad credit mortgage loans. Many private lenders will lend a second mortgage on top of your first, or a third mortgage on top of your existing second.

The dollar amount of these mortgages are capped differently by each lender. Whatever the dollar amount is, if you have enough equity in your property or if the loan to value is within reason, a qualified and experience mortgage broker at Clover Mortgage can help find the solution that best suits your needs and financial situation.

If my credit is REALLY bad, can I still qualify for a bad credit mortgage?

Of course you can! No matter how bad your credit score is, Clover Mortgage promise to work hard to find the right lender and mortgage solutions for you. We even have lenders who do not require a credit check. That’s right, no credit checks required with certain lenders!

What are my options with regards to terms for a bad credit mortgage?

A bad credit mortgage is usually a short-term solution with the intention of being a temporary fix while you take the necessary steps to take your credit from bad to good so that you can qualify for a lower rate in the future. This is why the terms for bad credit mortgages typically range in length from 1 year to 2 years.

How long does it take to get approved for a bad credit mortgage?

Clover Mortgage works with many lenders. In many situations, borrowers can get a same day approval for applications for bad credit mortgages, and in some cases, you can get the loan funded in as little as 48 hours.

Does Clover Mortgage specialize in the bad credit mortgage market?

Yes, Clover Mortgage has mortgage brokers and mortgage agents who specialize in helping individuals who have bad or bruised credit get a mortgage. Our team of experts can help find the best possible solution for your mortgage needs, whether it is helping people with bad credit needing short-term bad credit mortgages, or “triple A” credit borrowers who qualify for the lowest rates.

How long does it take to get approved for a bad credit mortgage?

Clover Mortgage works with many lenders. In many situations, borrowers can get a same day approval for applications for bad credit mortgages, and in some cases, you can get the loan funded in as little as 48 hours.

Will a bad credit mortgage in Toronto have a lower rate than one in Ottawa or other cities in Ontario?

Since location plays a big role in the marketability and value of a property, most lenders will look at the location of the property. Location will almost definitely play a role in the interest rates that lenders are willing to charge. Contact a Clover Mortgage broker for more information about the locations that we service.

What are some ways that I can start repairing my credit?

There are many factors that are considered when assessing someone’s credit. The number 1 reason why so many Canadians are struggling with poor credit issues is because they do not know the details that affect their credit scores.

Here are a few things you can learn to do to help improve your credit score and get out of the bad credit profile:

  1. Ensure that no one card carries a revolving balance of 30% or more of the overall credit limit of that card. Carrying a balance of over 30% will contribute to bad credit. You don’t have to be completely free of debt, but it does have to be within reasonable ratios when compared to your income.
  2. Use a bank card or prepaid card to make most of your purchases to help limit your exposure to debt at the end of each month.
  3. Pay your bills on time. Paying your bills late will result in bad credit.
  4. Pay your debt payments on time.
  5. Spend below your means and don’t overspend.
  6. Pay less by improving your credit score. Borrowers with top credit scores pay bottom prices on interest.
  7. Make it a policy to save a portion of every pay towards a savings account and do not touch it unless you are faced with a REAL and TRUE emergency ONLY.
  8. Please say no to things that are not required and only buy what is absolutely necessary.
  9. Save some money for buying small leisurely or impulse purchases, but just a very small amount.
  10. Check your credit scores at least once per month through Equifax and Transunion and contact by phone or email them if you see any discrepancies on your report or contact your mortgage broker by email or phone to help guide you through the process of submitting a ticket to one of the bureaus. Mistakes happen on the part of the credit reporting bureaus and those mistakes can put you right back into the bad credit zone.
  11. Take out a small home equity or equity takeback as a consolidation loan and use the available equity in your home to pay down higher interest debts. A home equity loan can help you consolidate your higher interest debts payments and only pay one lower monthly payment.
  12. Take transit if you cannot afford a car or car insurance.
  13. Make it a priority to pay down your debts as quickly as possible. Pay them A. S. A. P.
  14. Set specific financial goals for yourself for 2021 and stick to them.
  15. Read books, read articles, and other educational content on budgeting your money.

Even if you have BAD CREDIT, we can help you GET APPROVED!

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Sandra F.
Sandra F.
I was in debt and needed help getting back on track. My mortgage agent at Clover Mortgage helped me get approved for a home equity loan to consolidate all of my debt in one small monthly payment. Now I’m saving over $1,000 a month in interest and am left with less debt and more money in my pocket at the end of each month. Thank you Clover!
David J.
David J.
I'm a self employed independent contractor. I earn a decent income, but when I went to the bank to refinance my home, they denied my application telling me that I didn't have enough "provable" income to qualify for refinancing my home. When I came to Clover I was almost out of hope. My Mortgage Agent at Clover was caring and professional, and help me get a great rate and flexible terms on full refinance. The whole process took less than 48 hours! I was impressed at how quickly and easily they were able to get me the money and home refinance I needed. Thank you Clover Mortgage, I'm recommending you to everyone I know!!
Andrea R.
Andrea R.
I had really bad credit, but really wanted to purchase a Condo. When I went to the bank they made me go through a lengthy application process that took weeks, and then they turned me down at the end of it all. When I found Clover Mortgage online, I called them and a friendly Mortgage Agent was able to help me get approved for a mortgage quickly and hassle-free. I got a good rate and now live in a home that I am comfortable in and am able to easily afford my monthly payments.
Ankur R.
Ankur R.
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my husband and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.
Janet L.
Janet L.
My husband and I found ourselves in a tough situation. Luckily my expert mortgage broker at Clover Mortgage helped us get a fast and easy approval for an amazing rate for refinancing our home. Clover's service is the best I've ever experienced and I've been recommending them to all of my family members and friends ever since. Thanks for your help Clover!
Raj I.
Raj I.
I definitely recommend Clover Mortgage to any new home buyer! They were very professional and helped my wife and I get mortgage for our new home at an even better rate than the bank was offering us. They also helped us get the mortgage with a smaller down-payment than the bank demanded from us. Since we did our mortgage with Clover, several of our friends and family members got their from them also, and Clover Mortgage has been able to help all of them, even the ones that were completely turned away and rejected by their banks.