Equity-Based Loans Bad Credit Home Equity Loans

Late payments, missed payments and too much available credit all contribute to your credit rating, putting you in the category of having bad credit. When your credit rating hits that stage, you are deemed to be a liability to traditional lending institutions, meaning they are not likely to lend you money. Too often, when you are in this situation is exactly when you need money the most. A bad credit home equity loan from BMC Mortgage & Investments can help you get back on track when:

              
  • you are dealing with CRA debt issues
  • you have renovations to do that will increase the value of your home
  • you have high-interest loans that you are struggling to pay off
  • you need to replace your furnace, hot water tank, etc.

Securing a Bad Credit Home Equity Loan

Most banks and money lending institutions require a good credit rating and a stable job before they will consider issuing you a loan. With a bad credit home equity loan, you are using your home or owned property to secure the financing, so the criteria are not the same. We are not concerned with your credit rating or your employment history provided there is enough value in your home or property to cover the amount of money being borrowed.

Instead of pay stubs and an impressive credit report, we require appraisals, bills of sale and/or tax assessments for the property you intend to use to secure you financing. We will also require information on any loans, mortgages or liens against the deed to the property. Using all of this information, we will determine your LTV (loan to value) ratio which is used to determine the amount you qualify to borrow.

BMC Mortgage & Investments Keeps it Simple

Your equity lenders at BMC Mortgage & Investments understand the stress involved when you need money and you have bad credit. We want to help ease that stress for you so we keep things simple. Our application form is easy to fill out and helps us better understand your unique situation. Once you have your approval, we provide you with a quick and easy to understand service agreement that defines your obligations for the duration of your mortgage with us.

Providing you with Options

As accredited lenders to people just like you in Edmonton and surrounding areas of Alberta, we understand the various property types such as farm, commercial and residential. Using information from the current market as well as the information you provide about your current loans and mortgages against your property, we determine the amount you able to borrow. This money can be used at your discretion to make your life easier.

With access to a wide array of lenders who offer different lending criteria and risk they are willing to take, we will explore all options available to you to secure your financing. Whenever possible, we provide you with options and help you choose the best fit for your situation. Are you looking to buy a car, renovate your property or just need some cash for that vacation you’ve been longing for? Contact BMC Mortgage & Investments today to find out how much money we can put in your pocket with a bad credit home equity loan. 

APPLY FOR PRE-APPROVAL

Name
Phone Number
Email Address
Preferred to Contact :
Are you a Homeowner? :
City
Best Time to Reach You
Your Property Value
Existing Mortgage Balance
Loan Amount
How did you hear about us?
Comments
Enter Word Verification in box below*
Bad Credit Home Equity Loans

THE Latest From BMC MORTGAGE & INVESTMENTS LTD.


Borrowing against the equity in your home is a convenient way to access the funds needed to purchase a new car, pay for your children's education, or even buy a second home. But how much can you really borrow with a home equity loan. While the value of your property is an important factor in determining how much you can borrow with a home equity loan, there are several other criteria that lenders will consider – specifically, your loan-to-value (LTV) ratio and your debt-to-income (DTI) ratio.

ESTIMATE YOUR HOME LOANESTIMATE YOUR HOME LOAN
READ OUR CLIENT REVIEWSREAD OUR CLIENT REVIEWS