For many, getting their first credit card isn’t all that hard – but for some, it’s a long hard road. If you’re trying to get a private mortgage or conventional mortgage without credit, you’re going to need to find alternative sources of credit. Remember: bad credit and no credit are NOT the same thing – if anything you may even want to have bad credit more than you would want to have no credit. Different lenders will work with you depending on your situation, but either way you’re going to want to work on your credit. Even just getting a starter loan like a car loan or a low limit credit card can help.
You May Have Credit Already
The first thing you need to do is identify alternative sources of credit, you may have them already but you just don’t know it! When lenders are looking at a credit report they’re going to look for something known as a trade line – this is a different kind of credit you can leverage to show your credit worthiness. You may have to shop around with a few different lenders find the one that will work with you; working with a Canada mortgage broker can help you figure out which lenders are the right ones for you to approach.
Mobile Phone Bills – if you have a mobile phone, you may be able to leverage this. You been a good customer for years, you paid on time, but you made a few mistakes but don’t count yourself out just yet. If you want to use your mobile phone bills as a trade line, you’ll need to contact your mobile phone carrier and see if they can write a letter. Think of it as a recommendation. The same can be said for any other utility you have in your name.
Rent – trading on the goodwill your landlord is another way to get a trade line of credit. Of course, you are going to have to let your landlord know that you’re planning to move out – or at the very least that you’re looking for a house to buy. You can’t leave them in the lurch anyway, so it’s a good idea to let them know what’s going on; just like with your mobile phone carrier, you’ll want to get a letter to attach to your application.
You May Want to Get Credit
Getting a low limit credit card or small auto loan can help improve bad credit drastically, and help people who have no credit establish a credit history. Instead of having to worry about things like trade lines, you’ll be able to get everything you need to get your private mortgage or conventional mortgage.
When you don’t have credit but you want a mortgage, a Canada mortgage broker can help you find the right lender. After all, the last thing you want to do is run around in circles when you don’t have to!
Erin Thompson is a mortgage broker and financial blogger for Homebase Mortgages. HBM is a Toronto mortgage broker that provides portable mortgages in Toronto, mortgages for the self-employed, home equity loans and lines of credit, debt consolidation, private mortgage lending and second mortgages. You can visit their bad credit mortgages webpage at http://www.homebasemortgages.ca/debt-consolidation/bad-credit/
Why Is Quantity Surveying Essential in Construction Industry
Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...
How to Maintain Upholstered Furniture
No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...
How Do I Find a Good Bubble.io Developer?
Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...
When is a right time for home repairs?
Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...
Top 15 Alteryx Competitors
The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...
Latest Wedding Trends for 2023
If you’re planning on getting married this year, chances are you’re probably overwhelmed and confused when it comes to wedding...
Tips To Make The Most Of Your City Break In London!
London is one of the best cities in the world, known for its quintessentially British culture, great nightlife, fantastic museums...
The Ultimate Guide To Packing For A Trip To London
London is one of the best cities in the world, known for it’s rich history, quintessentially British culture, the best...
Top 15 Web Development IDEs
The web development field has seen sustainable growth throughout the years. As technology is advancing, so is the web development...
12 Key DevOps Programming Languages to Still Popular in 2022
“DevOps is not a goal, but a never-ending process of continual improvement.” – Jez Humble Delivering the finest of services...
Festival Fashion Style Tips For 2022
Summer is well and truly here and with that comes the festival season! From the biggest stars performing on stage...
4 Tips For Making Your Wardrobe More Sustainable
Everyone is trying to make more of an effort to make their wardrobe more sustainable, but often are unsure where...
7 tips on how to organize a budget-friendly move
If you are planning a move any time soon, you might be worried about all the expenses that wait for...
Metal Roof Colors: How to Select the Best Color for a New Roof
Choosing the right type of material for your roof is enough of a hassle already that the question of choosing...
Simple Ways To Feel More Confident At The Gym
If you are new to the gym, or you haven’t been in a while, sometimes you might not feel completely...
Tech7 years ago
Creating An e-Commerce Website
Tech7 years ago
Design Template Guidelines For Mobile Apps
Business7 years ago
The Key Types Of Brochure Printing Services
Business3 years ago
What Is AdsSupply? A Comprehensive Review
Travel10 years ago
Who Else Wants Also Nfl Hat
General7 years ago
Kobe Bryant With His Unique Nba Jerseys
Tech8 years ago
Why Small Businesses Can't Ignore Mobile Technology
Tech7 years ago
Climb Google Using These Checklists