Financing Outside Of Banks
Quick & Easy Approvals
Alternative mortgages are the type of specialty financing we have the most industry expertise in. Although with interest rates a bit higher than traditional mortgages, these financial options come with quick and easy approvals. A great solution for short term credit or income difficulties, our non-traditional mortgage products are addressed to all homebuyers who can’t meet the requirements of a traditional mortgage.
What Is An Alternative Mortgage
An alternative mortgage is a financial product that serves those that are looking for a mortgage but don’t meet the strict requirements of traditional lenders. These types of non-traditional mortgage products are a great solution for borrowers looking for short-term credit, or for those facing income difficulties.
Alternative mortgages can come with higher interest rates than similar products offered by traditional banks, but are faster and easier to qualify for. This allows homeowners to get the funds they require without needing to sell their home.
What Is An Alternative Mortgage Lender
Alternative lenders in BC provide home loans and financing beyond the traditional forms. These types of lenders which operate like banks and credit unions are typically accessed only through mortgage brokers and have more flexible requirements for the range of financial products and services they offer.
Private lenders can be both individuals who lend money based on home equity and mortgage investment corporations that pool money together and lend out in mortgages.
Are Alternative Lenders Better Than Banks?
Alternative mortgage lenders are better than banks if you consider loan terms and the ease of qualifying. Using a formulaic approach to pre-qualify a loan application within minutes, these lenders are more focused on home equity and cash flow rather than qualifying clients by income or credit score.
While banks are significantly cheaper than alternative lenders, they require solid credit scores and spend weeks reviewing financial statements, tax returns, and business plans.
What Are The Costs Associated With Alternative Mortgage Lending?
Alternative mortgage lending does come at a higher cost than similar services in the industry provided by A-lenders. This added price (which usually includes appraisal and legal costs, and sometimes lender and broker fees) enables homeowners to obtain the funds that they can’t get otherwise.
How To Get Started?
Whether you are looking to get a mortgage to buy a new home, or you are looking for a quick loan to cover any debt, our top alternative mortgage lenders in BC may help.
Contact us by phone or by using the contact form. We’ll get back to you shortly to discuss your financing needs, and guide you through our specialty financing and mortgage options.
We are available 7 days a week and we do our best to respond to inquiries within 24 hours.