Mortgage with poor credit
Question: Can you still get a mortgage eventhough your credit is in r9 or r7? right now i am renting a condo for $1100 a month & pay all utilities. worked fulltime & earn 19 per hour. spouse is earning wsib benefit but eventually will be looking for a job.
Answer: Yes, it is possible to get a mortgage with poor credit. However, if you are an R7 or an R9 the mortgage will be very expensive, and so may not be a good idea.
In most cases it is best to work on repairing your credit and saving money before you apply for a mortgage. That may mean talking to a credit counsellor about a debt management plan to pay off your debts, or perhaps even filing a consumer proposal or personal bankruptcy in Canada to discharge your debts and give you a fresh start.