Bad Credit Mortgages, Ottawa
Credit challenges don't have to end your plans to buy or refinance. As your Ottawa mortgage agent, we know exactly which lenders say yes when the banks say no.
When the Bank Says No, It Isn't the End
A low credit score, a past bankruptcy, a consumer proposal, or a rough patch of missed payments will close the door at most traditional banks. It doesn't close the door on homeownership or refinancing. Ottawa has a full tier of B-lenders and private lenders built specifically for borrowers whose credit doesn't fit a bank's standard box, but whose income and overall situation still make sense.
As an Ottawa mortgage agent working across 50+ lenders, not just one bank's rate sheet, we can place your file with the lender actually built for your credit situation, and build a realistic plan to get you back to conventional bank rates once your credit recovers.
How Bad Credit Mortgages Work
- B-lenders and private lenders regularly approve borrowers below a 680 credit score
- Typical minimum down payment is 20%, higher than the 5% available to strong-credit buyers
- Rates run higher than a bank mortgage, reflecting the lender's added risk
- Most B-lender terms are 1-2 years, shorter than a typical 5-year bank term
- Designed as a bridge back to conventional financing, not a permanent solution
Confidential, judgment-free
We've helped Ottawa clients through bankruptcy, consumer proposals, and credit rebuilding. Your situation stays between us, and the plan is always focused on getting you to a better place.
Common Situations We See in Ottawa
Post-Bankruptcy
Some B-lenders will consider a file as little as 1-2 years after discharge, provided you've rebuilt some credit history since.
Consumer Proposal
An active or recently completed consumer proposal doesn't automatically disqualify you, lenders look at the full picture.
Missed Payments & Collections
A rough patch, medical debt, job loss, divorce, doesn't have to define your file if your current situation has stabilized.
Other Alternative Financing Options
Bad credit financing is one part of a broader toolkit.
Private Mortgages
Fast, flexible financing from private lenders for time-sensitive or non-conforming deals.
Learn moreDebt Consolidation
Roll high-interest debt into your mortgage to lower your overall monthly payments.
Learn moreSecond Mortgages
Access home equity without breaking your existing mortgage's rate or term.
Learn moreBad Credit Mortgage Questions
Yes. B-lenders and private lenders regularly approve mortgages for borrowers with bruised credit, past bankruptcy, or a consumer proposal, though typically with a larger down payment and a higher rate than a bank would offer someone with strong credit. An experienced Ottawa mortgage agent can identify which specific lenders are realistic for your credit situation.
Some B-lenders will consider an application as little as one to two years after discharge from bankruptcy, provided you've re-established some credit history since. Traditional banks typically want two or more years post-discharge with a clean re-established credit file.
Most B-lenders require a minimum of 20% down for credit-challenged borrowers, though some alternative and private lenders will consider less depending on the property and overall file strength. This is higher than the 5% minimum available to strong-credit borrowers on an insured mortgage.
Yes, that's the point for most borrowers. A B-lender or private mortgage is usually a bridge, on-time payments over one to two years typically rebuild your credit enough to refinance into a conventional bank mortgage at a lower rate. We build that exit plan into your financing from day one.
A Setback Isn't the End of the Plan
Confidential, judgment-free conversation with an Ottawa mortgage agent who's seen it before.