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Poor credit not a problem

We offer bad credit Canadian loans

It doesn't matter whether you are wanting a poor credit Canada home loan for refinancing, debt consolidation, renovations or a house purchase.  We have access to many types of lenders, ranging from "A" lenders to private lenders.

If you are purchasing a house, do you know what the difference is between "asking price" and "appraised value"?  This is an important distinction.  Just because someone is asking $200,000 for their house, doesn't mean that it is worth $200,000. 

"Asking price" is the price that the vendor lists on the MLS or ad in the newspaper.  How they determine that price is unknown.  They may think that their property is worth $200,000 because a house down the block sold for the same price, or perhaps they just picked a number out of the air.

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Let's look at how the seller might determine the asking price.

1) The house down the block may have sold for 200K, but when was that, and was the house similar.  Perhaps the house sold for that price last year, but now the market is in a downturn, and that house is only worth 160K.  Your house would not be worth 200K.

2) Was the house that sold down the block similar to yours.  Perhaps they had more square footage, a pool in the back and it was 10 years newer.  Yours would not sell for the same price.

3) Maybe the seller wasn't comparing his house to any other house, and he just needed 200K to pay off some bills.

4) Maybe his aunt "used" to be in the real estate business and she had a feeling that it should be worth that.

5) And perhaps the 200K price was just an "asking price" and the seller knows that the house is only worth 170K, but he might as well start off higher to factor in the bargaining process.

Now let's discuss the only way of accurately determining the value of the property you wish to buy.  And that's by getting an appraisal done by a certified appraiser.  Then you will know exactly what the house is worth, and whether you wish to pay more to get it.

It is also advisable to get a home inspection.  This is different from an appraisal.  An inspector looks at such things as the foundation (to ensure it isn't cracked) and the structure (ie free from wood rot, etc).

So if you have poor credit, and wish a Canadian loan for any purpose, please complete the application form above.  Thanks.  

All Applications are FREE and there is NO OBLIGATION to borrow


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