Alternative Lending

Alternative lending is a commonly used term that describes various types of lending options for buyers, investors, and businesses that do not rely on the traditional mortgage lending. These are often used when the borrower is not able to receive financing from regular lender for one reason or another. This type of borrowing tends to be more flexible than traditional mortgages, 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 lending- Mortgage Apply
alternative lending- Mortgage Apply

Alternative Mortgages

One 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 or refinance 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 are self-employed, or have less than stellar credit can often find lenders who are willing to work with them. The traditional lenders tend to be picky 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 or refinance 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

Overcoming Self-Employed Mortgage Challenges in Edmonton

Are you self-employed? While it is fantastic to own your business and to be your boss, it does have some drawbacks associated with it. One of the most significant issues many people never even consider is getting a mortgage. You might think that having a good income and credit score and being able to afford the cost of a home would be enough to secure a loan. However, that’s not the case.

Getting a mortgage in Edmonton can often be challenging for self-employed people. Verifying income can be difficult, or you might not be self-employed for at least two years. Fortunately, there are ways to help you find the lender you need. Rather than going through a traditional mortgage lender, it is possible to utilize an alternative lender who can provide financing for the home you want to buy.

alternative lending- Mortgage Apply
alternative lending- Mortgage Apply

Second Mortgages

Have you ever been in a situation where you needed access to funds, but refinancing your existing mortgage was not an option? Most people have been there once or twice, at least, and it can cause a feeling of powerlessness. However, if you already have a home and a mortgage, there could be a straightforward solution. Rather than trying to get your existing mortgage refinanced through a traditional lender, you can call a second mortgage, which is a mortgage against the existing equity in your home, without disrupting the existing mortgage. In short, you will have two mortgages against one property. This will be a pricier option, but it might be the best option.

You can use a second mortgage to pay for a wide range of needs you might have. For example, it could be used to cover the costs of home renovation or repairs to the home. It can be used to repay a mortgage, pay tax arrears, pay for a child’s education, and pay medical expenses. Some use it to deliver for consolidating their debts, as you will see below.

Debt Consolidation

As mentioned, you can use existing equity to combine your debts. You could also seek a specialized consolidation mortgage to help with this process. This could be in the form of a refinance or a second mortgage. Combining your debts can often lower the monthly payment, as you will only be paying a single lender at a lower interest rate. In addition, it helps to keep things more organized, so you do not risk missing a payment because of an oversight.

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

alternative lending- Mortgage Apply
Alternative Mortgage Lenders

We have an experienced team in place to help you with all of your needs. Contact Mortgage Force Team in Edmonton for more information.

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