Not all mortgage borrowers will qualify for a mortgage through our traditional source – banks, credit unions or trust companies. The mortgage regulations are constantly changing and having a good credit does not guarantee that you will get a first mortgage from these sources as you will need the income to satisfy the GDS and TDS guidelines.
We have access to alternative mortgages from Mortgage Investment Corporations (MIC’s), joint ventures, and individual private lenders who will lend to borrowers that the banks cannot qualify. Having build solid relationship with thousands of lenders and professionals over the last 25 years we pride ourselves in getting your mortgage approved and closes very fast.
We offer residential, commercial, construction mortgages and some of our lenders will go up to 100% LTV on rental, vacation homes or a second property.
Depending on their risk tolerance, some of our private lenders will offer between 65% to 85% LTV of a property and some might even lend as high as 95% of the value of your home.
With lower loan to values (LTV) below 75% and sometime as high as 80% the lenders aren’t as concerned with income as they are with location. Almost all our lenders will qualify you regardless of credit or income. Loan to values higher than 80% might require more information.
Our mortgage lenders will consider the following:
- 1st & 2nd mortgages
- New construction purchases using appraised value (case by case)
- Rent to own (case by case)
- Self-declared income letters with no supporting documents
- Soft or poor credit with an explanation
- Discharged Bankrupts – no waiting period
- We will consider mortgages to people who are in a credit proposal
- Flexible with income
- In arrears with an explanation and a plan to move forward
- Property must be marketable, the higher the marketability, the higher the LTV
- you must use an approved appraiser
- Our lenders don’t look at credit in most cases and use a Common Sense approach to lending.