What is it?
It can be difficult to secure a mortgage if you are born in Canada. It is even more difficult to do so if you have moved to Canada from another country. Canadian mortgage qualification rules are controlled by the federal government in Ottawa and they require the purchase of mortgage default insurance.
For new immigrants to Canada, one of the main obstacles to securing a mortgage is the lack of a Canadian credit history. Developing good credit takes quite a lot of time. This is the case even if you had an excellent credit score in your home country and have a good salary in this one.
There are a number of things a new arrival to Canada can do to improve their chances of qualifying for a mortgage. You can build your credit rating. One way to do this is to take out a credit card and ensure that you make every credit payment. If you’re new to Canada, you will also need to provide some specific supporting documents to demonstrate you have built up a good stock of credit in other ways.
As you build credit, it is also a good idea to start saving for a sizeable down payment on your home. Non-permanent residents in this country will be expected to put down 10 percent of the purchase price on a new home. New immigrants to Canada face a particular challenge when trying to buy a home. But at Rala, it doesn’t matter if you have no income verification or credit record. We will work hard to ensure that you get a good deal.
Our Process
01Due Diligence
To ensure that you get the loan you need - and to provide you with best the deal the market has to offer - we will treat your finances with due diligence throughout the loan application process.
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01Due Diligence
02Fair Service Charge
Other mortgage brokers make their money on the basis of a finder’s fee. But at Rala, our charge reflects the risk associated with the final loan agreement, so our fee depends on your loan deal.
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02Fair Service Charge
03Access To Exclusive Lender’s Network
Rala is trusted by a huge network of lenders - and because they trust us, we know precisely how to negotiate with them on your behalf, making them more likely to lend at a good rate.
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03Access To Exclusive Lender’s Network
04Arranging Secondary Lenders
Most of our deals involve a backup lender - and with our huge network of lenders, we will always find a secondary lender that can guarantee your loan deal.
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04Arranging Secondary Lenders
05Going Through The Details
Once we’ve found a lender ready to facilitate your loan, we will help them draft a loan offer. Then we’ll explain the legal technicalities. After that, the money will be transferred to your lawyer.
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05Going Through The Details
Our Guarantee
- No Charge Until The Deal Is Done
- Charge Based On Risk, Not Lender’s Fee
- No Undisclosed Lender’s Finder Free
- No Financial Product Up-Selling
No Charge Until The Deal Is Done
Because we value our customers, you won’t face any charges until your loan agreement is fully approved and the loan is already on its way to your account.
Charge Based On Risk, Not Lender’s Fee
Unlike other mortgage brokers, who aren’t always completely upfront, our charge is based on the risk associated with your loan, not on any undeclared finder’s fees.
No Undisclosed Lender’s Finder Free
We offer a service that is totally transparent and, as far as possible, operates in consultation with you, which is why we will never impose undisclosed finder’s fees on you.
No Financial Product Up-Selling
Our approach to business is based on trust and integrity, so we won’t try to attach any financial products to your loan agreement that you don’t need.
Testmonials
Christian Noel
An absolute pleasure to deal with. Answered questions day and night and made the whole process of getting a mortgage for my rental property as painless as possible. I was able to focus on hiring a Richmond rodent control team. painters and cleaners to finish up the property. We highly recommend working with Allan and will definitely be returning when it's time for renewal. Thanks again Allan for all your help!Cristian Bishop
Allan delivers exemplary service. His incisiveness and attention to detail really helped me to secure a private mortgage that was better than any bank offered. He was able to make time for me with my busy schedule as a roofer in Maple Ridge to go through a number of papers and documents that I need to sign and simplified for a person like me. His service did not stop after the mortgage closed but he continues to be helpful and understanding to this day. I would recommend him to anyone.
Ebonie Wiley
I would highly recommend Allan. He is hard-working, very responsive to all emails and phone calls, honest, easy to work with, and trustworthy. As a pest exterminator in Coquitlam, I don't always have a lot of free time. Allan helped with the whole process. He offered a fast turnaround and excellent rates. If you are considering using a mortgage broker service, do not look any further. Simply put, I will never use a different mortgage broker again.
Anna Myers
After having dealt with different mortgage brokers for my bad credit mortgage issues, I have to say Rala investments had the quickest and the easiest process to deal with. There was never the problem of them requesting documents repeatedly from me after every process. Everything was done in a single shot and I was given regular updates on the progress. The service was prompt and quick.
John Alexander
Thank you Allan for helping me throughout my mortgage process. Your straight forward and balanced opinions gave me a sense of security and confidence. I also have to mention how quickly you responded to my queries and requests even on your days off. I will definitely recommend your service to my friends and family.
Case Studies
Loan for starting a business with Bad Credit
John has spent the bulk of his working life in the transport sector. But he recently retrained so he could get a new job in manufacturing. The shift has been really positive for him, and his new experience has given him a business idea. John’s dream is to run his own company, so he started putting together a blueprint for his own small business.
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Tips & Strategies
Frequently
Asked Questions
It can be very difficult to find a mortgage with a poor credit history. The reason for this is that the majority of mainstream lenders make little effort to understand an applicant’s unique circumstances, so they will deny a mortgage application based on credit scores alone.
At Rala, we make a concerted effort to understand the specific circumstances of each applicant, which allows us to set our customers up with lenders who are likely to be much more open to authorizing a loan request. The result is that our clients not only secure access to finance but benefit from the professional advice we can provide regarding their financial situation.
A poor credit rating doesn’t stop you from getting a mortgage. Mainstream banks won’t grant you a mortgage because they believe your risk level is too high.
But here at Rala, we have built up a big network of lenders who will facilitate a loan for you regardless of your credit history. Your credit rating will affect the size of your downpayment, as well as the interest you pay to the lender. Contact us now if you have a bad credit rating but are looking of a loan.
It’s not just that you can still get a mortgage deal with a bad credit rating, you can still get a good mortgage deal with a bad credit rating. It’s true that a bad credit score will hike your risk factor and can affect your mortgage rates.
But here at Rala, we have developed such a wide network of lenders as a result of our many years in the industry, that we'll quickly find the right lender for your case. The key to our success is assessing a whole variety of factors before finding our clients the best mortgage deal.
Yes, you can still get a loan, although it will depend to some extent on the number of times you have filed for bankruptcy and when your last bankruptcy case was. We have connections with several groups of lenders who will give you a loan, depending on the circumstances of your bankruptcy.
Rala has a total commitment to transparency and honesty. We will provide straightforward, simple solutions to our customers, designed to provide you with a clear remedy to your problem.
We only charge based on the risks associated with the loan agreement and based on the loan deal. We won’t hit you with hidden finder's fees.
A mortgage broker acts as the go-between for a lender and a borrower, meaning they facilitate agreements between you and your bank or mortgage lender. They also do the legwork of searching for the best mortgage product and interest rate for you. The lender provides the funding for your loan.
According to one study, 39 percent of first-time home buyers don’t understand what brokers do. However, there are good reasons to contact a broker before you attempt to buy a house.
Mortgage brokers simplify the home buying process and help ensure that you don’t spend large amounts of money for no good reason. Mortgage brokers will help you get lower interest rates, improve your access to loans, give you the benefit of their experience, and always work on your side.
Consultation Form
Please do not hesitate to contact us by phone to discuss your situation. Rala Investments Ltd. provides first, second and third mortgages on all types of properties anywhere in British Columbia. We also arrange mortgages on partial interests in property. For a no obligation consultation, please call us today!
