Subprime Mortgages still around? | Canada + population density = Bahamas | BC is Canada's destination

Click Here to be re-directed to the podcast blog for more detailed transcripts. Here is a summary outline of the key qualification criteria for Alternative Lending mortgages in Canada (formerly known as subprime mortgages): minimum down payment of 20% is required debt servicing ratios are as much as 35% higher than triple-A lenders (this means applicants can qualify for more mortgage) income qualification criteria is far less demanding than triple-A lender qualification guidelines very flexible to applicants who have a weak/damaged credit history accommodating to newly established self employed applicants higher rates, shorter tems..."band-aid" or "transitory" mortgages expect a fee of 1-2% on the full mortgage balance Here are some examples of common sense qualification: rather than requiring a recent pay stub and employment letter, an alternative lender may simply request 3 months worth of bank statements to verify income deposits into your bank account in triple-A lending, self employed applicants require a minimum tenure of 2 years, but an Alternative Lender will consider newly established self employed applicants with a history of only 3 months Alternative lenders are also more forgiving to applicants who have recently come out of bankruptcies. Triple-A lenders will decline applicants associated with a prior bankruptcy for up to two years after the bankruptcy has been discharged, whereas an Alternative Lender will consider applicants 1 day after their bankruptcy (or collection) has been discharged Contact Marko, he's a Mortgage Broker! 604-800-9593 direct Vancouver 403-606-3751 direct Calgary markogelo.com Facebook @markogelo (Twitter) MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko Hosted on Acast. See acast.com/privacy for more information.