Why is this particular mortgage - with this ``A Lender`` - so unique?
As a general rule, one will need to financially qualify in order to obtain a mortgage from a reputable financial institution. With this “Equity Lending Program” we are able to obtain a mortgage without traditional sources of income with the lowest rates on the market. We can now obtain mortgages based on 35% down payment. This product allows the person to borrow up to 65% of the value of the home.
The focus on this program is the total assets of the borrower being real estate assets and cash-able funds such as savings in the borrower’s bank accounts, GIC, RRSP (70% of the RRSP will be used) and even the savings of the direct family members like the borrowers parents, grandparents and children may be considered as assets for the buyer’s qualification. The assets of direct family members can only be counted in this program if only these asset holders are willing to be the co-applicant/s on the mortgage. Should your immediate family members decide to show their assets in order to help you to obtain your financing, there won’t be any registered leans on their properties but only their assets will be considered. Everyone involved in this equity program must have a minimum Beacon Score of 680.
With this program you may takeout equity in order to perform a substantial renovation in your house, purchase a secondary property, refinance your home with the lowest rates on the market, help your children with the down payment for their purchased home and so on.
Purchasing a new property!
Some immediate family members are living together with common family businesses and income. With this program, you may go ahead and purchase a secondary residence knowing that you are able to keep your assets in the original home as is.
Refinancing and or Purchasing a secondary property
It might be time to renew your existing mortgage but with the current financial institution, you are not able to increase your mortgage amount due to the challenging income qualification criteria with that Particular Financial Institution. You don’t have to worry about that our “A Lender” as long as you keep 35% equity in your existing home, you can show 24% of the requested mortgage amount in the form of cash-able funds (after the refinance or takeout mortgage) and you have minimum of 680 Beacon Score.
With this program, you will need to have a minimum total assets equivalent to 1.5 times of the requested mortgage. That includes the previously mentioned 24% cash-able funds and the 65% equity in the mortgaged house. There are some other conditions that apply which will be studied and implemented on a case by case basis!
Call us to know more! Take advantage of this program before it’s too late.