Financing outside of Banks
What is an Alternative Mortgage
An alternative mortgage is mortgage products not offered by schedule A banks. These products are a great solution for short term credit or income difficulties. These types of mortgages can come at a higher rate of interest than traditional banks but are easier to qualify for. They can allow homeowners to get the funds they require to transition their finance or credit into a more positive position rather than selling their home.
What is an alternative lender
Alternative lenders can be a variety of lenders like B-lenders which are the next level down from bank financing. Private lenders who are individuals who lend money based on home equity & MIC mortgage investment corporations who pool money together and lend out in mortgages.
Are alternative mortgage lenders better than banks?
Alternative mortgage lenders are better than banks if you consider the ease of qualifying. Alternative lending is more focused on home equity than qualifying clients by income or credit. Banks are significantly cheaper the alternative mortgages and this is one of the largest factors to always using a bank if possible.
What are the costs associated with Alternative Mortgage lending?
This form of mortgage lending does come at a higher cost than traditional mortgage lending. The added costs do enable home owners to obtain funds they would likely be unavailable to obtain otherwise. Costs included appraisal costs, legal costs, in some cases lender fees, broker fees. We can give you a estimate of the costs with a full review of your application.
How to get started?
Either phone us or fill out our online mortgage contact form and someone will contact you shortly to discuss your financing needs. We are available 7 days a week via email or phone. We do our best to respond to inquiries within 24 hours.