A private or alternative lender buys you time. Maybe the bank can’t move fast enough, maybe something in the file needs fixing first. Either way, the loan should come with an end date.
Start from the exit
The rate matters less than how you get out. Before you sign, know what has to change (credit rebuilt, income documented, a sale closed) and about how long that takes.
No signature until the risks are on the table
Fees, term, renewal conditions, what happens if your plan slips: all of it, in writing, before you commit. A loan renewed once too often ends up costing more than the problem it fixed.
Documents to gather
What the lender will ask for.
What the file is meant to achieve
Income and documents
Debts and credit
Property or security
Timeline you are aiming for
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. Have them ready before the offer and a five-day financing condition is doable. Chase them afterward and you lose 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.
