Bad Credit Mortgages
in Winnipeg

A no from the bank isn't the last word.

The bank said no. Here's what that actually means.

Banks run files through a narrow box: credit score, clean history, simple income. Miss one and the answer is no, even when you can clearly afford the payment. Alternative lenders look at the whole story: why your credit took a hit, what's changed, and how much equity or down payment you bring. The rate is higher. The goal is to use it as a bridge, not a destination.

01. A straight read of your credit report.

What's actually hurting your score, and what's noise.

02. The right lender tier.

Bank, credit union, alternative lender, or private, matched to your file.

03. Every cost in writing.

Rate, lender fee, and any brokerage fee, before you commit.

04. A rebuild plan with dates.

Specific steps to lift your score, not general advice.

05. An exit strategy.

A target to move back to bank rates, usually at the end of a one- or two-year term.

06. A "wait" when it's smarter.

Sometimes six months of cleanup gets you a much better deal. I'll tell you.

Who lends when the bank won't

Credit unions.

Manitoba credit unions sometimes have more room to say yes than the big banks.

Alternative lenders.

Regulated lenders for bruised credit, a recent consumer proposal, or harder-to-document income. Usually one- or two-year terms, higher rates, and often a lender fee.

Private lenders.

Short-term, equity-based loans for when time or credit rules out everything else. The highest cost, so it needs a clear way out.

After a consumer proposal or bankruptcy.

Options exist during and after. The timing matters, so we plan around it.

Rebuilding your credit, step by step

  1. Pull both credit reports (Equifax and TransUnion) for free and dispute any errors.
  2. Pay every bill on time. Payment history is the biggest factor in your score.
  3. Keep card balances under 30% of the limit, lower if you can.
  4. Keep at least two credit accounts open and in regular use.
  5. Don't apply for new credit in the months before a mortgage.
  6. No active credit? A secured credit card builds history safely.
“Bruised credit usually has a story behind it: a separation, a business that struggled, a rough year. I care about what's changed since, because that's what gets you back to a bank rate.”
- Jeremy LaHaie

What credit score do I need?

Banks generally want 680 or higher for their best terms. Insured mortgages need at least one borrower around 600. Alternative lenders care more about equity and your story than the number.

Can I get a mortgage after a consumer proposal?

Yes. Alternative lenders can work with you during or after one. Banks usually want it paid off and your credit rebuilt first, often for a couple of years.

How much down payment do I need?

Alternative lenders usually want at least 20% down on a purchase. Private lenders often want more.

How much higher is the rate?

It depends on your file. You'll see the exact rate and fees in writing before you decide.

Will I be stuck with this lender?

No. The terms are short on purpose. The plan is to move to a better lender once your credit recovers.

Should I pay a credit repair company?

You can do what they do yourself, for free. Nobody can legally remove accurate negative items before they age off your report.

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