Alternative Lending In Trail

Alternative Lending in Trail

Alternative lending can be a great option for borrowers who know they can afford to purchase a residential or commercial property in Trail, yet fall short with checking off some of the strict qualification boxes required by traditional A-lenders for a mortgage.

Alternative lenders offer mortgage programs in Trail with slightly more flexible mortgage qualification factors, while still following lending regulations.

Alternative lenders (such as alternative 'B-lenders', monoline lenders, private lenders etc.) provide mortgage solutions to borrowers who have been told their application won't work by the 'big banks'.

In this article, we'll focus on a popular alternative lending solution in Trail - 'alternative B-lenders'.

Why Opt For An Alternative B-Lender in Trail

Life can be unpredictable and sometimes jump us into more challenging situations such as getting approved for a mortgage in Trail

Is your credit bruised? Have you ever had to declare bankruptcy? Are you self-employed or a small business owner?

These are all factors lenders assess when determining whether you'd be a reliable or low-risk borrower. Alternative B-lenders have the freedom to lend to certain borrowers in Trail on a case-by-case basis!

Traditional 'big banks' often see bad credit and deny the mortgage application, even though all the other boxes have been checked off. An alternative B-lender in Trail may approve the same mortgage simply because they accept lower credit scores.

Alternative B-Lenders in Trail Are Ethical

Alternative B-lenders don't slip under the ethics radar - alternative B-lenders in Trail follow regulations from the Canadian Mortgage and Housing Corporation (CMHC), an official Government agency.

Alternative B-lenders are able to dive a little further into your unique borrowing situation to make an informed decision as to whether you'll be a suitable borrower in Trail

To do this, alternative B-lenders still follow many of the same protocols as traditional banks for collecting documentation. Some of the documents alternative B-lenders will require are:

• tax documents proving income
• your letter of employment
• bank statements
• personal identification
• and more

Alternative B-lenders are just as tough on assessing, denying, and reporting mortgage applications in Trail which they believe may entail mortgage fraud.

 

Considerations Of A Mortgage With Alternative B-Lenders in Trail

Having the opportunity to get your foot in the real estate door in Trail with the help of an alternative B-lender often comes with a trade-off.

To mitigate their risk of lending to borrowers who have more relaxed qualification factors, alternative B-lenders often provide mortgages in Trail with slightly higher rates.

Alternative B-lender may also have higher closing costs - many borrowers find that these extra costs are worth it if it means they can purchase their dream home, and ideally transition to a tradition lending solution down the line.

Connecting with a licensed Trail mortgage broker (such as myself!) is a valuable way to learn about your mortgage options and discuss the considerations and opportunities involved with alternative B-lending.

Have You Been Denied A Mortgage In Trail By An Alternative B-Lender?

If you've been denied a mortgage in Trail through an alternative B-lender, there are other options to consider:

• A private lender often has even more relaxed lending solutions than an alternative B-lender (generally with even higher interest rates)
• Have a co-signer on your mortgage in Trail (this can help increase your purchasing power/jump around hurdles such as bad credit)
• If your credit score has been damaged due to bad debt, chat with a licensed Trail mortgage broker or checkout 'credit 101' to learn how to repair it. Understanding how your credit works can pave the way to a positive mortgage journey.

 

Alternative B-Lending With The Help Of A Licensed Trail Mortgage Broker

I've helped valuable clients find fantastic mortgage solutions regardless of their unique borrowing situation. I'd love to chat to learn about your lifestyle and goals to see whether alternative B-lending is an optimal solution for YOU.

I'm Kyle Benzies (licensed Trail mortgage broker); It would be my pleasure to connect you with a suitable alternative B-lender so that you can reach your homeownership goals. If alternative B-lending doesn't seem like a GREAT fit, I'd be happy to explore other mortgage solutions with you.

To chat about your alternative B-lending options and other mortgage solutions, give me a no-risk phone call!

***other conditions may apply to anything listed above. The information provided on this page should NOT be implicitly relied upon, and may not be 100% up to date. It's best to contact us for the most current conditions/program offerings for alternative b-lending***