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Being turned down by what we call a traditional lender or “A” lender such as a charted bank, is not the end of the road in terms of your search for a mortgage. There are three other options available to you.

1. Nontraditional or ” B ” lenders. These are credit unions, trust companies, subsidiaries of foreign banks, etc. They would offer a larger range of qualifying options in exchange for a non-insured down payment or sufficient equity and a rate premium. Clients with poor credit or lack of traditional verifiable income may qualify with this type of lender.

2. Institutional private lenders. These are companies that have pooled private investment money in the form of Mortgager Investment Companies (MIC’S). They would look at more difficult cases involving poor credit, mortgage or CRA arrears, lack of supporting income, etc. The trade off is a larger down payment or sufficient equity, combined with higher rates.

3. Individual private lenders. Private individuals lend simply on “common sense”. The overlying criteria is simply the clients ability to honour the obligation. Credit and income will be reviewed, but with a larger down payment or equity position, the lender is really trusting that the clients will not default on their mortgage obligation and potentially walk away from the deal. The trade off is higher mortgage rates beyond those rates offered by all other lender types.

There are solutions available beyond the big banks. Let us open that door for you.