Purchase and Refinance:
Buying a home is probably one of the biggest investments you will make but it can be tough securing a mortgage to buy a home or refinance your existing mortgage when you have non-traditional income or bruised credit.
Banks and credit unions have strict guidelines and being self-employed, owning a small business or being an entrepreneur means you may not fit into the neat little box of guidelines they use to determine your credit worthiness.
Another reason people get turned down by the banks and credit unions is because of credit issues such as low credit score, previous bankruptcy or consumer proposal. In most cases, the bank does not care about the story behind the issues, you either fit the box or you don't....but there are other lenders out there who will listen.
Buying a home is probably one of the biggest investments you will make but it can be tough securing a mortgage to buy a home or refinance your existing mortgage when you have non-traditional income or bruised credit.
Banks and credit unions have strict guidelines and being self-employed, owning a small business or being an entrepreneur means you may not fit into the neat little box of guidelines they use to determine your credit worthiness.
Another reason people get turned down by the banks and credit unions is because of credit issues such as low credit score, previous bankruptcy or consumer proposal. In most cases, the bank does not care about the story behind the issues, you either fit the box or you don't....but there are other lenders out there who will listen.
If you are in either (or both) of the above mentioned situations, you need to know there are non-bank and credit union lenders who may be able to offer you alternate mortgage solutions.... because they have different guidelines and lending criteria.
There are many lenders whose rates are comparable (or better) than the bank rates..... alternative lending is not just for those with bruised credit.
If you do have credit issues, this makes you a higher "risk", but there are lenders out there who have programs available for higher risk clients. (This will be reflected in the rates and fees).
As a licensed mortgage agent I have access to a variety of lenders and mortgage products for people who both meet and don't meet the "Big 5" bank guidelines. If getting a mortgage has turned out to be a difficult process for you, it may be time to start looking into alternative ways to get approved.
Mortgage Solutions I provide (in Ontario, Canada):
- Purchase, Refinance or Switch
- Commercial and residential mortgages
- Construction mortgages
- Debt consolidation (using home equity)
- Secured credit card
- Equity line visa
For more information about the mortgage solutions that may be available to you, click the button below to schedule a FREE call with me.
There are many lenders whose rates are comparable (or better) than the bank rates..... alternative lending is not just for those with bruised credit.
If you do have credit issues, this makes you a higher "risk", but there are lenders out there who have programs available for higher risk clients. (This will be reflected in the rates and fees).
As a licensed mortgage agent I have access to a variety of lenders and mortgage products for people who both meet and don't meet the "Big 5" bank guidelines. If getting a mortgage has turned out to be a difficult process for you, it may be time to start looking into alternative ways to get approved.
Mortgage Solutions I provide (in Ontario, Canada):
- Purchase, Refinance or Switch
- Commercial and residential mortgages
- Construction mortgages
- Debt consolidation (using home equity)
- Secured credit card
- Equity line visa
For more information about the mortgage solutions that may be available to you, click the button below to schedule a FREE call with me.
Debt consolidation is the act of combining ones debts in a way there is only one debt rather than many...this is generally done for unsecured debts such as loans and credit cards.
It can be done by way of:
- A loan for the specific purpose of consolidating debt;
- Credit card balance transfer (moving all credit card debt to a lower interest credit card);
- Line of credit. A flexible loan from a financial institution that consists of a defined amount of money you can access as needed, and repay either immediately or over time. Interest is charged on a line of credit as soon as money is borrowed. Lines of credit may be secured (against some form of collateral such as a property) or unsecured.
- If you own your own home and have available equity in it, you may be able to refinance your existing mortgage, secure a line of credit or get a second mortgage.
There are many benefits to consolidating debt:
- One payment instead of many, which will most likely mean a lower monthly payment (than that of all debts combined).
- Overall, the amount of interest paid will most likely be reduced.
- Reduced risk of late payments when there are fewer payments to be made.
- Debt consolidation rates tend to be lower than credit card rates. This could mean saving money and paying off debt faster.
- Your credit may improve by consolidating your debt.
There are also disadvantages of consolidating debt:
- If you're required to give some form of collateral (house, car, household goods) to secure the consolidation loan, you are at risk of losing the collateral should you not be able to repay the loan.
- If you had problems making the smaller payments, you may still have problems making the new payment.
- If you still have access to your credit cards and use them, you could end up in deeper debt if you don't manage your finances in a way that includes a plan for spending and debt repayment.
Before you sign the dotted line on any form of debt consolidation, make sure that you know all the options available to you and the pros and cons of each.
If you're ready to reduce your money-related stress and would like to know your options....let's chat.
Schedule your FREE call by clicking on the button below.
It can be done by way of:
- A loan for the specific purpose of consolidating debt;
- Credit card balance transfer (moving all credit card debt to a lower interest credit card);
- Line of credit. A flexible loan from a financial institution that consists of a defined amount of money you can access as needed, and repay either immediately or over time. Interest is charged on a line of credit as soon as money is borrowed. Lines of credit may be secured (against some form of collateral such as a property) or unsecured.
- If you own your own home and have available equity in it, you may be able to refinance your existing mortgage, secure a line of credit or get a second mortgage.
There are many benefits to consolidating debt:
- One payment instead of many, which will most likely mean a lower monthly payment (than that of all debts combined).
- Overall, the amount of interest paid will most likely be reduced.
- Reduced risk of late payments when there are fewer payments to be made.
- Debt consolidation rates tend to be lower than credit card rates. This could mean saving money and paying off debt faster.
- Your credit may improve by consolidating your debt.
There are also disadvantages of consolidating debt:
- If you're required to give some form of collateral (house, car, household goods) to secure the consolidation loan, you are at risk of losing the collateral should you not be able to repay the loan.
- If you had problems making the smaller payments, you may still have problems making the new payment.
- If you still have access to your credit cards and use them, you could end up in deeper debt if you don't manage your finances in a way that includes a plan for spending and debt repayment.
Before you sign the dotted line on any form of debt consolidation, make sure that you know all the options available to you and the pros and cons of each.
If you're ready to reduce your money-related stress and would like to know your options....let's chat.
Schedule your FREE call by clicking on the button below.
*Glenda Barrington holds her mortgage agent license with GreenFlow Financial (Brokerage License #12402). She is licensed to process all mortgages through them and has access to alternative lending solutions by way of all of the lenders that they have partnered with.