March 10, 2010 Term Bank Rate Our Rate 6 month 4.60% 4.60% 1 year 3.60% 2.49% 2 years 3.75% 2.90% 3 years 4.15% 3.40% 4 years 5.04% 3.69% 5 years 5.38% 3.69% 7 years 6.60% 4.95% 10 years 6.70% 5.20% 1 year open 6.70% 5.20% Prime: 2.25% * rates subject to change without notice    .

"I am writing to express my appreciation of your services in helping me secure my mortgage. I found your advice & service to be impeccable-you have shown an exact understanding of my needs, and your efforts to research & offer me the best advice & options to fit my requirements is greatly appreciated. You remain my first point of call should I ever need assistance & I have no hesitation in recommending you to my friends & other family members. Thanks again."  - Grant Smillie, Calgary, AB

When do I need to look at Alternative mortgage financing?

• POOR CREDIT - when your beacon score is between 600 and less than 500.
• poor credit
• Trade lines on your credit bureau is less than two and have not been up and running for 2 years.
• discharged bankruptcy - minimum or very little re established credit.
• have money to put down but have no credit

What are my options for finding mortgage financing? When you have money to put down for a new mortgage of 20% to 35% you can find lenders who will look at the deal but the rate of your mortgage goes up.  When you have existing equity into your mortgage and you are refinancing you can look at these lenders as well.

Listed below are some of the alternative lenders features:

MORTGAGE AMOUNT - minumum $75,000 to amounts over $300,000

AMORTIZATION - maximum 40 years

TERMS - 3 yr terms and 5 yr terms only

OPEN OR CLOSED MORTGAGES AVAILABLE ON OWNER OCCUPIED AND REVENUE.

AVAILABLE - on all business for self products

HIGHER TDSR - 47% to 50%

No NOA required

Stated income letters on business for self 2 years with 20% down or 10% down with 12 month consecutive bank statements.  Minimum beacon score is 620.

Standard mortgage program with 5% down with employment letter, pay stub and T4 - minimum beacon score 540.

100% financing needs minimum beacon score of 640 with employment letter, pay stub and T4.

BENEFITS TO THIS LENDER:

• open rates so you can pay off part or all of your mortgage principal without a pre payment fee or penalty
• avoid locking into a long term commitment if the need is temporary
• secure alternative financing while you improve your credit scores

When I have 20 - 35% cash to  put into a deal and my credit is very poor and I have gone bankrupt but never re established my credit can I get a mortgage?

The answer is Yes! there are lenders who do the deal based on equity but they do charge a fee. They have 1 to 5 year terms. 

My suggestion to you is to find out what your credit score is by doing your own credit bureau. Go to my client resources page and click on equifax and request your own credit bureau and score so I can review it without putting any hit on your credit bureau.

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