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Alternative Loan

The alternative loan

You are self-employed, you have an excellent credit record, but your reported income is less than that required by your bank, so you are not able to get a refinance loan to invest in your business? 

The alternative loan

Your credit report is tainted by delays caused by temporary situations, such as illness or loss of employment; is your project to buy a property questioned? In both cases, consult a mortgage broker. He will be able to refer you to an alternative lender to allow you to realize your projects.

What is an alternative mortgage?

What is an alternative mortgage?

This is a mortgage loan with an interest rate that is somewhat higher depending on the risk. For a person whose credit has been slightly impaired, it will probably be a temporary solution, with a one or two year term, a time frame that will allow for the re-establishment of the credit rating. The file can then be submitted to a mortgage lender offering more competitive rates. For a self-employed worker, it may be more advantageous to keep such a loan for the long term because the annual interest cost may be much lower than the tax cost of increasing reported income.

In all cases, consult a mortgage broker. He will be able to refer you to an alternative lender to allow you to realize your projects.

In all cases, consult a mortgage broker. He will be able to refer you to an alternative lender to allow you to realize your projects.

 

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