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Private mortgage lenders help fill the gap left by traditional lenders. Those with limited credit history, foreign income, or are self employed may face additional hurdles when trying to get mortgage approval from banks. A private loan can be an alternative financial solution for your situation.
Banks often require borrowers to have at least two years of employment history to prove that they have a steady source of income. Getting a mortgage while self-employed presents challenges, such as your income not being steady or fluctuating significantly. This especially impacts those whose income is based on commission or tips.
Borrowers with foreign income often have difficulties qualifying for a mortgage, especially if their income is not easily verifiable. BMO requires foreign clients to make a down payment of at least 35% to qualify for a mortgage. Scotiabank was found to require the verification of foreign income if a down payment of less than 50% was made.
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P: 780.457.8808
F: 780.665.6010
229 54418 RR 251
Sturgeon County, AB T8T OC7
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