Mortgages for Credit Challenges in Abbotsford and the Fraser Valley
A few missed payments or a past financial setback doesn’t have to stop you from owning a home. I help borrowers across Abbotsford, Chilliwack, Mission, and the Fraser Valley understand where their credit stands, find mortgage options that fit their situation, and rebuild their credit so they can qualify for better rates over time.
With more than 20 years in banking and access to a wide range of lenders, including alternative and private lenders, I’ll help you find a path forward. I offer consultations in English, Urdu, Hindi, and Punjabi.
Common credit problems I help with
- Late payments, often from small bills you didn’t know were overdue
- Collections
- Consumer proposals
- Bankruptcy
The surprising cause of many late payments
Many of the late payments I see come from cell phone bills. A borrower disputes a small charge or switches phone companies, and the final bill goes unpaid. Or they move, and the bill goes to their old address. A small, forgotten balance can end up hurting your credit score for years. If you’ve changed providers or moved recently, check that every final bill has been paid.
Mortgage options when your credit isn’t perfect
Traditional banks and credit unions offer the best rates, but they usually need good credit.
Alternative lenders can help when a bank says no. They usually require a minimum 20% down payment, and possibly more if your credit score is low.
Private lenders can help in more difficult situations and usually require a minimum 25% down payment.
After a consumer proposal or bankruptcy
- Consumer proposal: traditional lenders usually look at your application once two full years have passed after your proposal is completed, provided you’ve re-established your credit.
- Bankruptcy: traditional lenders typically want to see about two years after your discharge with re-established credit. Alternative and private lenders may consider you sooner.
Rebuild your credit faster than you think
Many clients assume rebuilding credit takes years. With the right plan, many of my clients rebuild their credit in as little as 3 to 6 months. Here’s what I recommend:
- Never miss a payment, not even a small one.
- Pay down debt wherever you can. Every dollar helps.
- Don’t max out your credit cards or line of credit. If your balance is near your limit and you only make the minimum payment, your credit score keeps falling, even if you never miss a payment. A good rule of thumb is to keep balances below about 30% of your limit.
Once your credit improves, I can help you move to a traditional lender with a better rate.
Frequently asked questions
Can I get a mortgage with bad credit?
Often, yes. Alternative lenders usually require at least 20% down, and private lenders at least 25%. I’ll help you find the best option for your situation.
How long after a consumer proposal can I get a mortgage from a bank?
Usually two full years after your proposal is completed, once you’ve re-established your credit.
How quickly can I improve my credit score?
With the right plan, many of my clients see real improvement in 3 to 6 months.
Why does my score drop when I’m making all my payments?
If your balances are close to your credit limits, your score can keep falling even with on-time payments. Paying balances down below your limit makes a big difference.
Ready to start?
Let’s look at your credit together, with no cost and no obligation. Call me at 604-807-6428 or email faisalwaheed@dominionlending.ca. I meet clients at my office in Abbotsford and by appointment in Surrey.