Did you know that no credit history is often worse than bad credit?
Did you know that having no credit cards, loans or debt might mean you have no credit score?
Did you know that if you have no credit, it’s virtually impossible to get a credit card or any type of credit loan in the future?
If you are New to Canada, a young person who has never had a credit card or any kind of loan, always using your debit card or not borrowing any money, you may find yourself in this type of situation.
It doesn’t mean that you have bad credit, it just means that you have no credit history. Without any credit history, it is difficult to get a mortgage from a conventional bank as you are not able to fit the requirements of CMHC. An option is to go with private mortgage lenders as they do not rely as much on credit history when determining whether to provide the mortgage.
Private lenders will consider the following factors when providing loans for people with no credit:
- Equity in the property
- Length of time of loan
- Interest rates
- Financial situation
- Owner-occupied property
- Partial downpayment
- Employment documentation
- Bank statements
- Proof of verifiable monthly payments in good standing (eg. utility bill)
Our job is to match your needs with the best lenders and products. Our lenders will look at all applications on a case by case basis, so give us a call today to get started.
