Leaving a B lender for a bank means showing what’s changed since you went in: on-time payments, rebuilt credit, stable income. The timing and the cost.
A private or alternative lender is a bridge, not a place to settle. It buys time when a bank can’t move fast enough or something needs fixing. And it should come with a date for getting out.
Get the exit plan straight
The rate on a short-term loan matters less than how you leave it. Before you sign, know what has to change (credit rebuilt, income documented, a sale closed) and roughly how long that takes.
Sign only when you can see the risk
Fees, term, renewal conditions, and what happens if the plan slips: all of it has to be clear before you commit. A short-term loan renewed once too often ends up costing more than the problem it fixed.
Documents to gather
What the lender will ask for.
Aim of the file
Income and documents
Debts and credit
Property or security
Target timeline
Lender options
Frequently asked
What documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Ready before the offer, they make a five-day financing condition workable. Gathered after, they cost you weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
