Trust me... I know I worked there for nearly 10 years. YOU HAVE OPTIONS. I have non-bank solutions.
The big banks have had a sizeable market share of Canadian mortgages for generations.
With their recognizable brand names and physical locations, they have long been the most accessible option. But we are seeing more and more Canadian homeowners go alternative routes, as many of the lesser-known options offer flexible terms and perks that you just will not find if you walk into your neighbourhood bank!
With so many types of lenders to choose from, there is a lender for just about every borrower. The main types of lenders in Canada include:
Monoline or wholesale lenders
- Monoline lenders only do mortgages, making them experts in the field. With no overhead for big-name branding and brick-and-mortar locations, they often offer slightly lower rates than big banks as well as more flexibility in terms of the types of borrowers they approve and the breadth of mortgage products they offer.
- Alternative or B lenders are smaller and deal in more specific niches. Because of their smaller scale, they are often far more flexible with terms, and many have mortgage options tailored specifically to borrowers who have diverse or untraditional incomes, or those who need a short-term solution in a unique situation.
- Private lenders are an individual or businesses who lend funds on their own terms. Because of their individual nature, these small lenders are able to be quite flexible with the borrowers they qualify (think past consumer proposals, etc). The convenience of flexibility does come at a premium as private lenders mostly come with some of the highest rates around, but paying for ease and peace of mind is often worth it.
As independent mortgage brokers, we have relationships with lenders in all categories and access to options you simply won’t find anywhere else. Whether your application is bank-ready or not, let’s chat, as there are more than likely all sorts of mortgage options available to you!
IF you are looking for mortgage solutions know you can reach me anytime. To book a call now click here www.emilycallme.com I look forward to helping you with your mortgage soon!