Mortgage Broker – Poor Credit Canada?

In: Mortgage Loan

23 Jul 2010

My credit score just a few months ago was 534, so I was approved for a mortgage of 10% below and 15% of the value claimed by a private mortgage. The interest rate on the first mortgage was approximately 5% of the second was about 12%, which increased the payments. My low score is in the bank stated that I was car accident or the hospital and the work completed by four months.

Well, my guests a few months later jumped to 609th I still have more than 10%, but mortgage brokers do not seem to be able to get a better offer.

I’m basically the same offer on the table as the last time a first mortgage with a lender under the First supported by a private mortgage.

I remember my first mortgage two years ago, my score was only 645 and I qualified with 5% for a mortgage loan with CMHC in place of a type “A” lender is TD Canad Trust.

Do I have to worry about is my mortgage broker did not do everything he can do? Is it possible for an agreement such as this net him more money, then a traditional mortgage.



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