Alternative lending is a valuable lending solution for borrowers in Willingdon Heights who don't qualify for a mortgage through traditional 'A-lenders'. Alternative lending (B-lending) provides deserving borrowers with the opportunity to purchase property in Willingdon Heights with more flexible qualification factors.
Alternative lending can be a great option for borrowers who know they can afford to purchase a residential or commercial property in Willingdon Heights, 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 Willingdon Heights 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 Willingdon Heights - 'alternative B-lenders'.
Life can be unpredictable and sometimes jump us into more challenging situations such as getting approved for a mortgage in Willingdon Heights
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 Willingdon Heights 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 Willingdon Heights may approve the same mortgage simply because they accept lower credit scores.
Alternative B-lenders don't slip under the ethics radar - alternative B-lenders in Willingdon Heights 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 Willingdon Heights
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:
Alternative B-lenders are just as tough on assessing, denying, and reporting mortgage applications in Willingdon Heights which they believe may entail mortgage fraud.
Having the opportunity to get your foot in the real estate door in Willingdon Heights 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 Willingdon Heights 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 Willingdon Heights 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.
If you've been denied a mortgage in Willingdon Heights through an alternative B-lender, there are other options to consider:
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 Willingdon Heights 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***