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What documentation is required to apply for a home
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william77777 Posts: 1
Posted On: 6/26/2023
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What documentation is required to apply for a home loan with bad credit?
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Moderator Moderator Posts: 4145
Posted On: 6/30/2023
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Hello,
Thank you for using our forum for your question.
You may find some helpful information in the Settlement.Org articles on buying a home.
It is best if you contact a Lender or mortgage broker directly for this type of information. While there is no universal stated minimum, your credit score will impact whether or not you are approved for a home mortgage and how much interest you pay. Someone with a lower credit score may have trouble finding a lender without high interest rates. You can learn more about credit in the Settlement.Org articles, What affects my credit score? and What do I need to know about my credit history and score?
According to the Canada Mortgage and Housing Corporation - Buying a Home: Who You Need on Your Team brochure,
Many different institutions lend money for mortgages, including banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. It can be a good idea to shop around and speak with more than one lender before you make a choice. Many Canadians choose to work with a mortgage broker because mortgage brokers don’t work for any specific lending institution, they can often help you find a mortgage with terms and rates that will suit your needs.
We hope that you will find this information helpful.
Sincerely,
Your Settlement.Org team
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