Alternative Mortgage Solutions in Ontario | Amansad Financial
Table of Contents
- Alternative Mortgage Solutions
- Loan Types From “B” Mortgage Lenders
- “A” Lenders vs “B” Lenders: How They Vary
- Mortgage Brokers Are Your Best Bet
Alternative Mortgage Solutions
Alternative mortgage lenders are often known as “B” Lenders, and they are no longer only a fad. For example, if you look at any newspaper or watch television, you will see that individuals seek assistance through alternative mortgage loans.
Most homeowners had excellent credit and dependable income. However, this seldom occurs in such circumstances these days. In reality, if you have less-than-perfect credit or cannot provide proof of income, you represent the new statistical average. Similarly, if you own real estate and have a household mortgage, your finances are likely to be tight.
If you fall into this group, clearance from one of Canada’s major banks is impossible. Make no mistake, you have very little chance of being authorized by a large bank if you are not the ideal applicant from a credit and income viewpoint.
“B” lenders often accept agreements based on common sense. Consequently, they’re often more concerned with the amount of equity than with your income or credit history.
Loan Types From “B” Mortgage Lenders
Most “B” mortgage lenders will provide the same products as conventional large banks. The majority of alternative lenders in Ontario and other provinces in Canada provide:
- 1st Mortgages
- 2nd Mortgages
- Home Equity Loans
- Home Equity Lines of Credit (HELOC)
- Mortgage Refinance and Debt Consolidation
In addition to offering a choice of goods, alternative lenders are also more flexible than banks. For instance, many of these lenders will consider:
- Stated Income Mortgages
- Poor or Bad Credit Mortgages
- CRA Debt Consolidation Mortgages
- Interest-Only Mortgages
- Property Tax Loan Mortgages
- 100% Rental Offset Mortgages