A common myth among home buyers is that having a credit score bruised by an unfortunate life event will disqualify you from a mortgage. But while having a good credit score is certainly beneficial, you likely still have a range of options to get the financing you need to achieve your homeownership dreams. And one housing expert who can unlock these possibilities is a mortgage broker.

Mortgage brokers are licensed professionals who act as a bridge connecting home buyers looking for financing and lenders offering mortgages. A skilled broker will know the ins and outs of the housing market and the mortgage application process, allowing them to break down the complexities of applying for a mortgage with bruised credit in a way that is easy to understand.

And across the country, a recent survey from Mortgage Professionals Canada found that most home buyers who used the services of a mortgage broker reported “higher levels of satisfaction in every aspect of the mortgage process that the survey touched on compared to those who used other channels.”

Understanding your financial story

One reason why a mortgage broker is a great resource if you have bruised credit is that they take the time to know your entire financial story to ascertain the strengths and weaknesses of your application. They can then explain what you need to achieve your homeownership goals and help you navigate the process of finding the right mortgage solution that fits your situation.

“Mortgage brokers are excellent resources for customers because we are exposed to many different scenarios and experiences, which allows us to provide detailed insight into your situation,” says Daniel Finkelberg, a mortgage agent at Clear Trust Mortgages. “This enables us to build a custom lending approach for each customer.”

Expanding your options

Another big advantage of working with a mortgage broker is their access to different lending institutions, including alternative lenders such as Home Trust. This can expand your financing options, allowing you to find the best solution even if your credit score is less than ideal.

“We build long-lasting relationships with our clients and our lender partners,” says Finkelberg. “This gives access to specific lending solutions to further assist our customers.”

Representing your interests as a borrower

Finally, mortgage brokers can act as your advocate with lenders and represent your interests as a borrower, explaining your financial story to lenders to help them understand why your credit has been bruised.

“We are in the people business,” says Finkelberg. “And full-service mortgage brokers focus on the customer to ensure repeat business and referrals.”

A good mortgage broker will be able to connect you with a lender with the best solution for your situation, such as alternative options offered by Home Trust. To learn more about these options, visit hometrust.ca/mortgages.

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