Alternative Mortgages

Having problems with getting a mortgage because of bad credit, bankruptcy, or income? Are you business for self or new to Canada? Canquest Mortgage can assist you in your purchase or refinance or renewal of your mortgage.

When do I need to look at Alternative Mortgage Financing?

• Business for Self, with Minimum Declared income
• Income: Tips, Commission, overtime and bonus
• Contracts, probation period still in effect
• New to Canada
• Bankruptcy or Consumer Proposal
• BAD Credit - when you have no credit or bad credit.
• Unique Circumstances: Divorce, job loss, death in family, income tax owed to CRA
• Not enough established credit
• Net worth programs and equity lending
• Investment Properties

What are my solutions to finding the right mortgage?

Canquest Mortgage has access to the Alternative lenders . We specialize in assisting clients who don't fit into the "bank" box. Through coaching and understanding, we will introduce you to a different side of banking. Each file is as unique, as each person. No file is the same.

Listed below are some of the alternative lenders features:

• Mortgage Amount - minimum $75,000
• Amortization - maximum 30 years
• Terms - 1- 5 yr. terms including variable options
• Open or Closed Mortgages available on owner occupied and revenue.
• Available - on all business for self-products, salaried or commission
• No NOA required!
• Stated income acceptable

What are the Benefits of using the alternative lender:

Life happens and it can be difficult to know the outcome. An alternative lender provides solutions. Whether you are business for self, having troubles proving your income or have credit issues, we have the ability to help you in the long run with a short term solution. Assisting you at this time with Alternative lending will increase your chances to moving into long term relationship with a prime lender.

Can I get a Line of credit with the Alternative Lender?

Lines of credits are available to you with limited equity. The line of credit is perfect for you to gain access to Equity within your home and to re-establish your credit. Some consumers may want the flexibility and convenience of a home equity line of credit as it can be paid down or fully paid without prepayment charges. The lines of credit is accessed through a visa card and cheques. The rates will vary depending on your credit situation.

Can I purchase a home if I am New to Canada and have no Credit?

The answer is Yes! If you have moved to Canada and have no established credit that is OK. If you are new to your job, that is ok. If you have started your own business recently within Canada, that too is OK.  Conventionally (75-80% Loan to Value) you can secure a mortgage without established credit within Canada.

I have a strong Net worth with limited income, what are my solutions?

For some clients, standard income calculations don't accurately portray their true financial picture. There are net worth programs available. This innovative alternative allows clients to qualify based on their net worth. Its the perfect product for business-for-self, salaried individuals, and full-time students.

Can I purchase a Rental property in Alternative Mortgage Lending?

Business for self clients are accepted into the market niche of investors with alternative mortgage solutions. Mortgages can be placed under company names or personal names with generous offsets. Conventionally clients can enter the investment market even if they currently own other rental properties. That includes turning your existing home into a rental and purchasing a new owner occupied home. It is as easy as obtaining a lease agreement or market rents.