The requirements of the
conventional lenders are strict; however, Better
Option Mortgage's extensive portfolio of private lenders
enables us to arrange financing for those who may not have met the
requirements of the conventional lenders.
Requirements for 1st Mortgages from Conventional Lenders:
- Up to 75% of appraised value of home
- Up to 95% of appraised value of home on a refinancing
Many of the borrowers who contact us are having trouble meeting some of the criteria that conventional lenders require to qualify for a loan. Often this is the result of:
- inability to verify income
- a recent bankruptcy
- poor credit history
Better Option Mortgage prides itself in its ability to help borrowers meet these
criteria or find other lenders where:
- criteria is not as strict
- lender enables the borrower to meet the criteria in a more realistic manner
We counsel our clients on how to meet the criteria for 1st mortgages with conventional lenders. Often this isn't as cut and dried as the lender would have you believe. We also have an extensive and expanding portfolio of private lenders which enables us to provide alternate solutions to this problem. Contact us for more information or to arrange a consultation to learn more.
|
1st
& 2nd Mortgaging |
Sale
Price |
$180,000 |
Cash |
$18,000 |
1st
Mortgage |
$135,000.00
@
6.95% 5/25 |
2nd
Mortgage |
$27,000.00
@
12.25% 1/25 |
CMHC
Fee |
$0 |
CMHC
Application Fee |
$0 |
CMHC
P.S.T. |
$0 |
Appraisal
Fee |
$187.50 |
Brokerage
Fee - 1st Mtg |
$0
to qualified purchaser |
AMC
Admin Fee - 2nd Mtg |
|
Total
Mortgage |
|
Total
Payment |
$162,300.00 |
Balance
owing after 1 year |
$160,001.24 |
| Difference
in Mortgage Balance after 1 year |
$3,768.90 |
| Difference
in Mortgage Payments after 1 year |
$812.52 |
| Equity
difference in favour of 1st and 2nd Mortgages |
$2,956.38 |
|
