A low credit score doesn’t have to mean giving up on your homeownership or refinancing plans. In Barrie, mortgage brokers can help homeowners and buyers get approved, even when traditional banks say no, by working with alternative lenders who focus on equity and repayment ability rather than just credit history.
Why Banks Say No to Low Credit Borrowers
In Ontario, most banks have strict rules for mortgage approval. You may be denied if you have:
- Missed payments on loans or credit cards
- High debt-to-income ratio
- A credit score below 600
- Past bankruptcy or consumer proposal
How a Mortgage Broker in Barrie Can Help
A mortgage broker gives you access to lenders you can’t approach directly, including those who specialize in low credit approvals. They can:
- Arrange home equity loans or second mortgages for immediate funding
- Approve clients with credit scores as low as 500
- Offer fast approvals, sometimes within 24–48 hours
- Build a long-term plan to improve your credit and refinance later
H2: Popular Low Credit Solutions in Barrie
- Home Equity Loan – Access the value in your home for debt repayment or expenses
- Second Mortgage – Keep your current first mortgage intact while borrowing more
- Bridge Financing – Short-term funding while you transition between properties
- Debt Consolidation Loan – Combine multiple debts into one lower monthly payment
Real Barrie Success Story
Shawn from Barrie had a 540 credit score after a job loss and missed credit card payments. His bank denied his mortgage renewal, but within 48 hours of contacting Burke Financial, we secured a second mortgage to pay off debts and reduce his monthly payments by $800.
Final Tip: In Barrie’s competitive real estate market, your home equity can be the key to approval, even with low credit, when you work with the right mortgage broker.
Ready to consolidate debt into one easy payment? Let’s use your equity to make it happen.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
