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Alternative mortgages may assist you should you not be able to qualify with the traditional mortgage. Often this will happen should you have no income or bruised credit. We will often seek the alternative lender to bridge a period of time in your financing. We follow this up with a plan to move you into a more traditional type of lending generally within 12-24 months.
This type of lending is used also, with clean credit, should you just prefer to not do business with lenders and jump through the traditional paperwork requirements. For many individuals the small increase in cost and flexibility of the mortgages will choose this root.
Some will use this form of mortgaging for building homes. Again the option of not having to meet the paperwork requirements of the lender is more desirable.
As well as the examples above one may use this money source to access equity within the home to assist with short term needs. Further features of this type of mortgage is the lender is comfortable with a small 2nd mortgage following the first.
Large land developers will also use this form of borrowing as again the paperwork does not work for their structures.
In Canada there are multiple reasons why Alternative lending is favored among many. As there is no government backing insurance with these mortgages there are Broker and Lender fees. They are very reasonable and fully disclosed to you. All fees are withdrawn from the mortgage funds at the law office. No out of pocket expense for you.
We have very large pools of lenders available to access!