A private or alternative lender gets you through a gap when the bank can’t or a problem needs fixing. It should come with a date you leave.
The way out is what you’re buying
Don’t fixate on the rate. Before signing, list what has to change (credit rebuilt, income documented, a sale completed) and how long you think it takes.
If it slips, then what?
Get the fees, term, renewal terms and the consequences of a delay in writing before you commit. A transitional loan renewed too many times costs more than what it was meant to solve.
Documents to gather
What the lender will ask for.
File goal
Income and papers
Debts, credit
Property or security
Timeline
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. If you gather them before the offer, a five-day financing condition holds. If you gather them after, add 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.
