Lenders care how recent the late payments are, whether collections remain open, and how much of your available credit you are using. The number itself says little.
Fix first, submit second
Card utilisation under 30% or a cleared collection can happen in weeks. Other repairs need months of clean payments. Knowing which is which tells you when to apply.
Weigh cost against exit
If an alternative lender is needed, the plan matters more than the rate: what it costs, how long it lasts, and what has to change before you go back 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
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. Gathered before the offer, they make a five-day financing condition workable. Gathered 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.
