Alternative Lending Options- An Alternative to Traditional Lenders in Canada
Posted by AMANDA KU on
Alternative Lending Options
If you are denied mortgage financing by traditional lenders like banks or credit unions, it can be discouraging. However, it's important to know that may be other options available. When applying for a mortgage, if your application does not meet the requirements of traditional institutions, you may find yourself in the "Alternative-A" or "B" lending space.
This space includes three types of lenders: Alt-A lenders, MICs, and private lenders. Alt-A lenders are regulated institutions that offer products that cater to consumers with broader qualifying criteria. MICs are similar to Alt-A lenders but are organized according to the Income Tax Act and pool money from individual shareholder investors to lend out on mortgages.…
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