Having bruised credit doesn’t mean your homeownership goals are out of reach. In Barrie, many homeowners and buyers secure mortgage approvals every week through alternative lenders who focus on equity, not just credit scores.
What Does “Bruised Credit” Mean?
Bruised credit typically refers to a credit score below 650 due to missed payments, collections, or high utilization. While banks might decline such applications, alternative lenders see the bigger picture, your assets, income, and home value.
How Mortgage Brokers Help Barrie Clients with Bad Credit
- Connect you with flexible lenders beyond the banks.
- Structure a mortgage that fits your income and goals.
- Get approvals within 24–48 hours.
- Offer refinancing options to rebuild your credit.
Common Reasons for Bruised Credit
Life happens, job loss, illness, divorce, or simply financial missteps. The key is to act strategically, not emotionally. Working with a broker helps you rebuild your financial foundation while achieving your housing goals.
Real Barrie Success Story
Lisa from Barrie had a credit score of 590 and was turned down by her bank. Burke Financial secured her a second mortgage using her $200,000 home equity. Within six months, her score rose by 90 points, and she was back in control of her finances.
Steps to Get Approved with Bruised Credit in Barrie
- Review Your Credit Report: Identify what’s hurting your score.
- Work With a Broker: They can match you with understanding lenders.
- Show Stability: Provide income proof or business statements.
- Use Equity Wisely: Rebuild credit and improve financial health.
Mistakes to Avoid
- Applying to multiple banks and hurting your score.
- Ignoring existing debts.
- Taking short-term loans with high rates.
Final Tip:
Even with bruised credit, you can still qualify for a mortgage or refinance, especially with a Barrie mortgage broker who knows which lenders will say yes.
Ready to get approved in Barrie, even with bruised credit? Let’s find your best options today.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
