Equity Based Mortgages

Need a mortgage but are unable to provide traditional sources of income? Have a damaged credit history? There is still an opportunity for you to be approved for a mortgage. Whether you are looking to purchase and have a large down payment, or if you are need to restructure your debt and have enough equity in your home, True North Mortgage can help!

Purchases

  • We can now obtain mortgages based on 25% down payment.
  • This product allows you to borrow up to 75% of the value of the home.
  • The focus on this program is on the quality of the real estate and common sense underwriting.
  • The location and marketability of the property are significant factors.
  • Typically clients receive higher rates depending on the quality of their credit.
  • Files are reviewed on a case by case.
  • Depending on the specifics of your file a larger down payment may be required.

You can refinance your mortgage even with bad credit.

  • You will need to have at least 30% equity in your current home to be approved.
  • The location and marketability of the property are essential factors.
  • Typically clients receive higher rates depending on the quality of their credit.
  • Files are reviewed on a case by case.
  • Depending on the specifics of your file, a decrease in Loan to Value may be required.

True North Mortgage can help you consolidate debt into your mortgage with a home equity loan. This can lower your interest payments and set you on the path to more easily make payment obligations and start the process of improving your credit score.