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Контент предоставлен Mortgagenomics Canada. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно Mortgagenomics Canada или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.
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Subprime Mortgages still around? | Canada + population density = Bahamas | BC is Canada's destination

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Manage episode 307146373 series 2112449
Контент предоставлен Mortgagenomics Canada. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно Mortgagenomics Canada или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.

Click Here to be re-directed to the podcast blog for more detailed transcripts.


Here is a summary outline of the key qualification criteria for Alternative Lending mortgages in Canada (formerly known as subprime mortgages):

  • minimum down payment of 20% is required
  • debt servicing ratios are as much as 35% higher than triple-A lenders (this means applicants can qualify for more mortgage)
  • income qualification criteria is far less demanding than triple-A lender qualification guidelines
  • very flexible to applicants who have a weak/damaged credit history
  • accommodating to newly established self employed applicants
  • higher rates, shorter tems..."band-aid" or "transitory" mortgages
  • expect a fee of 1-2% on the full mortgage balance

Here are some examples of common sense qualification:

  • rather than requiring a recent pay stub and employment letter, an alternative lender may simply request 3 months worth of bank statements to verify income deposits into your bank account
  • in triple-A lending, self employed applicants require a minimum tenure of 2 years, but an Alternative Lender will consider newly established self employed applicants with a history of only 3 months
  • Alternative lenders are also more forgiving to applicants who have recently come out of bankruptcies. Triple-A lenders will decline applicants associated with a prior bankruptcy for up to two years after the bankruptcy has been discharged, whereas an Alternative Lender will consider applicants 1 day after their bankruptcy (or collection) has been discharged

Contact Marko, he's a Mortgage Broker!

604-800-9593 direct Vancouver

403-606-3751 direct Calgary

markogelo.com

Facebook

@markogelo (Twitter)

MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko



Hosted on Acast. See acast.com/privacy for more information.

  continue reading

148 эпизодов

Artwork
iconПоделиться
 
Manage episode 307146373 series 2112449
Контент предоставлен Mortgagenomics Canada. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно Mortgagenomics Canada или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.

Click Here to be re-directed to the podcast blog for more detailed transcripts.


Here is a summary outline of the key qualification criteria for Alternative Lending mortgages in Canada (formerly known as subprime mortgages):

  • minimum down payment of 20% is required
  • debt servicing ratios are as much as 35% higher than triple-A lenders (this means applicants can qualify for more mortgage)
  • income qualification criteria is far less demanding than triple-A lender qualification guidelines
  • very flexible to applicants who have a weak/damaged credit history
  • accommodating to newly established self employed applicants
  • higher rates, shorter tems..."band-aid" or "transitory" mortgages
  • expect a fee of 1-2% on the full mortgage balance

Here are some examples of common sense qualification:

  • rather than requiring a recent pay stub and employment letter, an alternative lender may simply request 3 months worth of bank statements to verify income deposits into your bank account
  • in triple-A lending, self employed applicants require a minimum tenure of 2 years, but an Alternative Lender will consider newly established self employed applicants with a history of only 3 months
  • Alternative lenders are also more forgiving to applicants who have recently come out of bankruptcies. Triple-A lenders will decline applicants associated with a prior bankruptcy for up to two years after the bankruptcy has been discharged, whereas an Alternative Lender will consider applicants 1 day after their bankruptcy (or collection) has been discharged

Contact Marko, he's a Mortgage Broker!

604-800-9593 direct Vancouver

403-606-3751 direct Calgary

markogelo.com

Facebook

@markogelo (Twitter)

MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko



Hosted on Acast. See acast.com/privacy for more information.

  continue reading

148 эпизодов

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