For the self employed we have many bank products available, both from high street lenders and non traditional ones. Some of our most common programs are stated income or low doc mortgages. In general, these programs require different down payments & /or home equities.
Income Verified (income gross up)
In some cases, you can qualify with as little as 10% down (20% on refinance). But keep in mind that income verification is required for these types of mortgage programs.
Other lenders require a 35% down payment for such programs, as in the case of stated income mortgages (although we do have options for higher LTV). There are also B-Lenders that allow self employed home owners and buyers to qualify under higher debt servicing.
If you already have a mortgage with a bank or credit union, refinancing might be the only additional offer they might have for you. But there are other alternative mortgage options to save you money you should know about.
Traditional banking doesn’t usually provide second loan options to lenders interested in blending a new mortgage. But we also work with banks which offer loans of up to 65% of the home’s value. Lenders do require these properties to be in their approved areas, and income and credit requirements do apply.
For all those looking for non traditional bank products in BC, we also provide private mortgage lending up to 75%. These types of private second mortgages do not require income or credit to qualify you. Rather your home’s equity is the largest factor in approving these types of home equity loans.
HELOC currently come at prime + rates and borrowers can qualify for up to 65% LTV of their homes’ value. Most major banks & credit unions offer mortgage options for HELOC. Currently HELOC requires good credit & verified income ratios.
Home Equity Loans differ from HELOCs due to them being a pure equity product. That’s why, Home Equity Loans are easier approved, regardless of income or credit score. Lenders can lend up to 75% of the home’s value in major centres.
Rental properties are a great way to invest in your future by using real estate. Qualifying for these types loan options follows some criteria:
- Mortgage Options for Purchasing Rental Properties
- Do you need to use a rental offset?
- What is the minimum down payment? 5% or 20% (we have options based on both, conditions apply)
- Lower Beacon Score options
- Rental properties in Personal Name
- A-Lenders & B-Lenders Rental Units
- 2-4 Units or Options Above
This type of mortgage financing option takes two properties as security. Inter Alia mortgages allows lenders to secure against two properties allowing additional security, while offering short term bridging. This is mostly a non traditional bank product, and conditions do apply.
Refinancing a mortgage or obtaining a HELOC, or a 2nd mortgage to consolidate consumer debt, is a great way to free up cash flow and improve your credit. Banks & credit unions have a bunch of different products that can assist homeowners. But if you don’t qualify under traditional banks, don’t worry. Alternative mortgage lenders have more creative mortgage options you can choose among.
Mortgage financing on investment properties, industrial business, retail space, developments, warehouses, apartment buildings, multi family units and office buildings.
New in Canada and looking to purchase a home? We have many products available to assist you with a new home purchasing or a mortgage refinancing. Both traditional and non traditional bank products might have different requirements, so for a complete assessment of your situation call us today. One of our mortgage brokers will be happy to assist you.
Non resident in Canada and looking to purchase a home? Whichever type of loan you are interested in, we can help you get the financing you need. Keep in mind that products like these have many different requirements so for a complete assessment of your situation, call us today and let us help you settle in your new home.
Purchasing a home or a first-time home buyer? Learn the difference between a rate hold pre-approval and a true approval, and discover how this affects your mortgage loan options.
Looking for a better rate or terms than your current lender has offered you? There are certain occasions when switching lenders might be the best option. Switching lenders at renewal is a great way to access the most competitive deals.