Monthly Archives: June 2015

How to get the mortgage despite the bad credit history?

After receiving a loan from a bank, we are trying to pay for it in the terms established by the contract. But in our lives sometimes happen force majeure. One day, without paying the invoice, appears the risk to be in the doghouse with the creditors and get blacklisted with the bad credit history. Now we will consider options for correcting bad credit and different ways to restore confidence from banks.

Of course, the easiest way is to pay the bills. Never overdue payment is approved by the banks and you will get the mortgage. You will be offered to take credit for any needs, because you have won the trust and reputation of honest borrower. And if you are a depositor of the bank or the owner of a salary card, then you most likely will not have problems with the credit or mortgage.

How to get the bad credit mortgage in Toronto?

To always know exactly whether you can count on a mortgage, it is necessary to monitor credit history. Mortgage credit history of the borrower must be more than satisfactory. It must be almost perfect. This means that there are unacceptable “additional” notes, information about arrears on payments or open loans. Most importantly, the information in the credit history to be accurate at 100%. Check your credit history at least twice a year to be sure of its content.

What to do to get the bad credit mortgage?

Fix the credit history. This may require some effort and time. But the mortgage that allows you to make the most important purchase of your life is worth it.

Improving our bad credit mortgage

Credit history is stored in the external offices, it is sent there by the banks. When concluding a contract, any bank has the right to use it. In reviewing the results, decision is made – to grant the credit or denial it. The history is keeping in the credit bureau for 12 years, after the expiration it canceled. This is the longest way to fix bad credit mortgage history and late payments on loans. There is also less radical way for renewal of trust bank – is to start using a credit card. Regularly removing and adding funds on the card, you will be able to fix bad credit mortgage history. Each operation is also entered into the database. Stable balance increase positively effects on your overall history as on a reliable, timely payer.

All this confirms that the regular payment of all bills – utility bills, traffic fines, taxes, will make your credit history right within two years. However, you must remember that only one delay can make all your efforts in vain, returning you to the start point to fix bad credit mortgage history again. Do not forget about it. Then the banks will make advances to you.

Trevor Greer, an independent journalist writes an article on behalf of Canada Wide Financial a bad credit mortgage company in Toronto and tells how to take the mortgage despite the bad credit mortgage history.