Private and alternative lenders are a bridge. They save you when a bank is too slow or a condition needs work. Go in with a date for getting out.
Exit plan over rate
How you leave the loan counts for more than its rate. Ask what has to happen first (credit repaired, income on paper, a sale done) and how many months that realistically takes.
No signing in the dark
Fees, term, renewal terms, and what happens when things run late must be spelled out. A short-term loan that gets renewed again and again can cost more than the problem did.
Documents to gather
What the lender will ask for.
Objective of the file
Income, documents
Debts and credit
Property or security
How fast you need it
Lender options
Frequently asked
Which 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. Before the offer, a five-day financing condition is realistic. After, it turns into weeks of waiting.
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.
