Bad credit doesn't automatically mean you can't get a mortgage. It may mean the path looks a little different - and that's where understanding your options becomes important.

Banks are only one part of the Canadian mortgage market. Depending on your situation, there may be alternative lenders willing to look beyond just your credit score.

What do lenders look at?

Your credit is important, but it isn't the only piece of the puzzle. A lender may also consider your income, down payment, amount of equity, current debts, the property you're buying and, more importantly, the story behind the credit challenges.

A missed payment during a difficult year is very different from an ongoing pattern of unpaid debt.

What if my bank has already said no?

A "no" from your bank doesn't necessarily mean no mortgage.

Alternative lenders, sometimes called B lenders, can have more flexible qualification guidelines than traditional banks. There are also private mortgage options for certain situations.

These mortgages can come with higher rates or additional fees, so the goal shouldn't simply be to get you approved at any cost. The goal is to determine whether an alternative mortgage makes sense for you and what the plan is from there.

Sometimes alternative lending is a bridge

An alternative mortgage doesn't necessarily have to be your forever mortgage. Sometimes it gives you time to rebuild credit, establish income, pay down debt or get through a difficult financial period.

Then we work toward moving you back to traditional lending when the time is right.

Before assuming you can't qualify, let's look at the whole picture.

Every situation is different. If credit has you worried about buying, refinancing or renewing your mortgage, talk to me before ruling yourself out.

You may have more options than you think.

Not sure what your options are?

Every mortgage story is different. Let’s look at yours and figure out what makes sense without assuming the answer is no.