ALTERNATIVE LENDING

Alternative lending is a commonly used term that describes various types of lending options for buyers, investors, and businesses that does not rely on the traditional bank loan. These are often used when the borrower is not able to receive financing from a bank for one reason or another. This type of borrowing tends to be more flexible than traditional loans, as well. A range of different types of alternative lending are available today, and we can work to help you find a solution that will work for your needs.

Alternative “A” Mortgages

Alternative LendingOne of the options for those who are having trouble getting mortgages is the alternative mortgage. The types of mortgages available in this category can vary substantially, but the goal is to make it easier for people to buy real estate by reducing the monthly payments and increasing the amount of money that a person can finance.

One of the biggest benefits to getting an alternative mortgage is the fact that even those who might have less than stellar credit can often find lenders who are willing to work with them. The traditional lenders tend to be sticklers when it comes to lending out money, and this means that many people who have the best intentions and who can pay for the loan are not getting a chance to buy the properties they want.

With alternative mortgages, there are more opportunities than ever to get the financing you need to make your dreams come true.

Self-Employed Mortgages

Are you self-employed? While it is fantastic to own your business and to be your own boss, it does have some drawbacks associated with it. One of the biggest issues that many people never even consider is getting a mortgage. You would imagine that if you can prove you have a good income and good credit, and that you can afford the cost of the home, you would have no trouble. However, that’s not the case.

Getting a mortgage in Edmonton can often be hard for those who are self-employed. It can be difficult to verify income, for example, and many banks do not even consider self-employed as an employment status. Fortunately, there are ways to help you find the lender that you need. Rather than going through a traditional bank, it is possible to utilize an alternative lender who can provide your financing for the home you want to buy.

Second Mortgages

Have you ever been in a situation where you needed to have access to a substantial amount of money in a relatively short period of time? Most people have been there once or twice in their life, at least, and it can cause a feeling of powerlessness. However, if you already have a home and a mortgage, there could be a very simple solution. Rather than trying to get a loan through a traditional lender, you can instead get a second mortgage, which is a loan against the equity in your home. Essentially, you are lending to yourself, as you will be paying back into the mortgage to rebuild that equity.

You can use a second mortgage to pay for a wide range of needs you might have. For example, it could be used for covering the costs of home renovation or repairs to the home. It can be used to repay a mortgage and tax arrears, along with paying for a child’s education, and medical expenses. You could also use it if you just need to have some disposable cash available. Some use it to pay for consolidating their debts, as you will see below.

Debt Consolidation

As mentioned, you can use a second mortgage to combine your debts. You could also seek a specialized consolidation loan to help with this process. When you combine your debts, it can often lower the monthly payment, as you will only be paying a single lender. In addition, it helps to keep things more organized, so you do not run the risk of missing a payment by forgetting it.

Are you having trouble getting financing for your mortgage? Do you need to get a second mortgage, or are you looking for a way to consolidate your debt, so you can take care of your credit score? We have an experienced team in place to help you with all of your needs. Get in touch with Dominion Lending Centre’s Mortgage Force in Edmonton.

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