Demystifying how Alternative and Private Mortgage Lenders Work | Mortgage Brokers Canada



Are Alternative and Private Lenders as expensive and untrustworthy as some people say they are? Not anymore as almost 15% of mortgages in Canada are now with alternative lenders which are forced to be as professional and customer-oriented as most banks due to the competitiveness of the market.

Since the introduction of the 2016 mortgage stress test, Big-bank lenders routinely reject more mortgage applications, especially from those who are self-employed so more people turn to other options.

Common questions answered in this video:

● What are Alternative and Private Lenders and what is the difference in rates compared to Prime Lenders?
● What are the advantages with Alternative and Private Lenders over traditional banks?
● Instead of waiting, when should you consider an Alternative Lender and what should your exit plan be to make it financially worthwhile?

Timestamp:

2:51 Alternative Lender rates vs Prime Lenders
5:07 Special Income allowed with Alternative Lenders
6:35 What are typical Private Lender fees
8:10 Real world case study on how a young couple used alternative lenders to consolidate debt and boost credit scores by over 100
11:21 How you can be over $100,000 better off by using an Alternative Lender and getting into the market ASAP

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