Bad credit isn’t a dead end. When traditional banks say no, an experienced mortgage broker in Ottawa can unlock alternative lenders who look beyond your credit score, and often approve you in as little as 24 hours.
Why Banks Reject Borrowers With Bad Credit
Banks follow federal rules and insurer guidelines. If your score sits below 600 or you’ve faced a consumer proposal, missed payments, or bankruptcy, you’re labelled “high-risk,” even if you can comfortably handle the payments.
What a Mortgage Broker Does Differently
- Bridges you to alternative lenders who focus on solutions, not past mistakes.
- Looks at equity and repayment ability, not just a single score.
- Offers flexible products like second mortgages or home-equity loans that mainstream banks ignore.
In Ottawa’s rising market, many homeowners have untapped equity they can leverage, even with bruised credit.
Four-Step Broker Process
- Free consultation – Your broker reviews your history and goals, with no judgment.
- Access to multiple lenders – Dozens of Ontario alternative lenders = more approval chances.
- Custom options – Side-by-side rates, terms, and speed to fund.
- Fast approval – Burke Financial has secured approvals in 24 hours for Ottawa clients that the banks rejected.
Why Credit Isn’t Everything
Alternative lenders may weigh:
- Home equity (Ottawa’s strong values help)
- Steady income or verifiable cash flow
- Debt-to-income ratio
- Property location in a desirable suburb or urban zone
Some even allow interest-only payments to keep monthly costs low while you rebuild credit.
Ottawa-Specific Perks of Using a Broker
- Knowledge of municipal land-transfer rebates
- Insight on suburban vs. urban zoning values
- Access to lender programs is popular in Kanata, Orleans, Barrhaven, and other hot neighbourhoods
Tips to Boost Your Approval Odds
- Show consistent income (pay stubs, T4s, business statements).
- Gather documents early (tax returns, property appraisal).
- Be honest, transparency lets your broker package a stronger file.
- Consider a trusted co-signer if equity is thin.
Final Thoughts: You Still Have Options
From debt consolidation to stopping a Notice of Sale, an Ottawa mortgage broker can deliver tailored, fast, fair financing, even with bad credit.
Ready to Get Approved?
Don’t wait for perfect credit. Book your free consultation today.
📞 1-866-702-9394 | 🌐 burkefinancial.ca
