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Subprime Mortgages still around? | Canada + population density = Bahamas | BC is Canada's destination
Manage episode 307146373 series 2112449
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 (Twitter)
MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko
Hosted on Acast. See acast.com/privacy for more information.
148 эпизодов
Manage episode 307146373 series 2112449
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 (Twitter)
MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko
Hosted on Acast. See acast.com/privacy for more information.
148 эпизодов
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