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Mortgage Broker News | 23 May 2014, 09:40 AM Agree 0
Opinions diverge on how best to advise clients with little or no credit.
  • Sue Ongaro | 23 May 2014, 12:54 PM Agree 0
    For clients in Ontario recommend you also check out newstartcredit.ca as affirdable program combining financial education /resources with up to $10,000 in new credit from a regulated financial institution, reported to Equifax for both if a couple. When loan is repaid can then use funds for first time buyer program as down payment or put towards closing costs, etc Perfect for new credit or rebuild after bankruptcy, etc.
  • Deepak Bansal | 23 May 2014, 06:45 PM Agree 0
    To add to and clarify on my comment about only going to private lenders for clients with bad credit, this of course is only if the client cannot qualify with any A or B lending options. Private lenders, in my opinion, are lenders of last resort, although they have their pros and cons. There should also always be a clear and concise 'exit strategy' when putting a client into a private mortgage.
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