Not every borrower fits a big bank’s checklist. If you’re self-employed, rebuilding credit or need a short-term solution, I’ll look at alternative and private lenders and map out a plan to get you back to standard rates when it makes sense.
Each comes with trade-offs. I’ll show you the full cost before you decide.
Regulated lenders with more flexible income and credit rules. Rates and fees are typically somewhat higher than the banks.
Short-term, equity-based loans, usually for one to two years. Higher rates and fees, so best used as a bridge with a clear plan.
Borrow against your equity without breaking your first mortgage. Useful for debt consolidation or a short-term need.
An alternative mortgage should be a step, not a destination. Together we’ll set a plan for your next renewal: what your income documents, credit and equity need to look like to move back to a prime lender.
If you’re self-employed, lenders usually look at your last two years of tax returns and Notices of Assessment. Some alternative lenders can work with bank statements or a shorter history.
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Rates are higher than prime lenders, and alternative or private mortgages can include lender and broker fees. I’ll lay out the total cost, in dollars, before you commit.
Many lenders prefer a two-year history, but some alternative lenders can work with less. It depends on your industry and documents.
I’ll only run a credit check with your permission. A single inquiry typically has a small, temporary effect.
Often, yes. That’s the goal, and we’ll plan for it from day one.
Send me a few details and I’ll get back to you personally. Or just give me a call.
Start your mortgage application online and I’ll review it with you.
No obligation, and no credit check to get started.
I’ll get back to you personally.
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Cory Parsons, Mortgage Agent Level 2 · TMG The Mortgage Group · FSRA Licence #10315 · 121 Harbord Street, Toronto, ON M5S 1G9 · cparsons@mortgagegroup.com · 647-567-2679
General information only, not financial advice. All mortgages are subject to lender approval. Rates, terms, fees and eligibility depend on the lender, the property and your circumstances, and rules can change.