First and Second Mortgages for Canadians with Bad Credit

Homeownership is a term many Canadians think about extensively or plan for at one point in their lives. Here’s some good news: Owning a home is now a dream come true for those with bad credit, thanks to reliable first and second mortgage loans.

Lenders like Quick Loans have made it easier to access credit despite your financial standing or credit history. So, what do you know about online mortgage loans in Canada? As you apply for a mortgage with us, let’s reveal more about what borrowers need to know.

Can You Get a Mortgage Loan with Bad Credit?

Absolutely! No doubt about it.

First and second mortgages come in handy for those with poor credit scores. Such borrowers mostly have challenges sourcing funds elsewhere. The loans provide Canadians with a much-needed lifeline to own homes. These loans do not require credit checks and come with affordable payments.

First and Second Mortgage Loans: What’s the Difference?

A mortgage is a loan product used to acquire a home. The loan is based on the borrower’s collateral and is paid over a predetermined period. A second mortgage loan is taken off a property that already has an existing mortgage on it, hence the name. The latter is more versatile since it handles emergencies or expenses. Whichever you go for, you can always count on Quick Loans to provide you with cash.

What are the Reasons for Going for a Second Mortgage?

While a mortgage is taken to get a home, there are numerous reasons a second mortgage serves. Different people have varying goals to achieve with their loans – we don’t restrict borrowers. Here are some of the reasons:

  • Home improvements such as landscaping or bathroom remodels
  • Purchasing a second home with a smaller down payment
  • Handling emergencies
  • Making large purchases like vehicles or farm equipment
  • Consolidating smaller loans
  • Business expenses, such as updating inventories or training staff.

Advantages of Mortgage Loans for Bad Credit

There are several advantages of bad credit loans Ontario. First, our rates are not just competitive; we give you ample time to pay back without burdening you. Our loans are also a great way to tap into your home’s equity. While paying your mortgage, your home increases in value. That provides you with equity you can tap into for future use for a second mortgage loan.

Excellent Approval Rates

Are you worried about your application getting rejected? Worry no more. Our application process has a 98% approval rate, promising you bad credit mortgage loans guaranteed approval. Once approved, you can use the funds however you want. Whether it’s an urgent expense or a planned maintenance, you can rest easy knowing we have your back.

Choose Quick Loans Canada for No Credit Check Loans

It’s time for your home ownership dream to come true despite your bad credit. Need some extra cash? You could also tap into your home equity through a second mortgage and get affordable rates that will be easy on your pocket. Get in touch today whenever you have any inquiries, and let’s start your homeownership journey together.

Now that you’re ready, go ahead and fill out our application form and get instant approval for amounts between $1000 and $50,000 within 24 hours of approval.