The date of your most recent late payment, how long it ran, and which account it hit. A late mortgage or car payment reads far harsher than a late store card.
Steady the file, then apply
Some fixes take weeks: card utilisation under 30%, a collection cleared. Others take months of clean payments. Which is which determines when you should apply.
If an alternative lender is the way
Then the plan beats the rate. What will it cost, how long does it last, and what has to change before you can return to a conventional lender?
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
How long does a late payment hurt my application?+
It stays on file for several years, but its weight fades over time. A few months of clean payments after the incident improve how the file reads, often faster than people expect.
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. If you have them before the offer, a five-day financing condition is workable. If you gather them after, they add weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
