Category

Alternative Mortgages

The I Just Got Laid Off Mortgage

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The I Just Got Laid Off Mortgage

Alternative lenders are very useful when a client needs to fill a gap that the banks don’t want to touch.  They like clients who are new to being self employed, or have bruised credit that needs to be repaired.

One alternative lender has started to fill the gap for salaried employees that have been laid off due to the downturn in the economy.  This mortgage can be set up so the borrower doesn’t have to make any payments for a year.  The mortgage depends on reasonable equity (down payment) and reasonable grounds that full time gainful employment could be found within a year.  Each deal is assessed on it’s own merit.

This could be a deal saver for people with an accepted offer on a house, or people who need to re-finance and avoid falling behind on bills.

Alternative Mortgages

By | Alternative Mortgages, Calgary Economy, Life Quotes, Mortgage Minute, Mortgage Options | No Comments

Alternative Mortgages

There are many alternative products available for clients that don’t fit the bank mould due to their type of income, or credit history.

  • Business for self mortgages where reported income is low
  • Cash income sources (ie. roommate pays cash that will help pay the mortgage)
  • Equity lending (strong net worth, low declared income)
  • Private and 2nd mortgages
  • Bruised or damaged credit
  • Consumer proposals
  • Former bankruptcy

If you or a client of yours may benefit from one of these products, please give me a call.  I am happy to see if there’s a match right now, and/or help people understand what changes they may need to make to qualify down the road.

 

BORROWERS:

Full feature, 5 year fixed rates
~ Most Big Bank 5 year fixed rates are around 2.59%.
~ Most Monoline Lender* 5 year fixed rates are around 2.54%.

Basic Feature, 5 year fixed rates
~ Most basic feature mortgages are around 2.44%

Variable rates
~ Most Variable rates are around 2.35%.

*Monoline lenders are lenders that deal only in mortgages. They don’t sell RRSPs, or checking accounts etc.  Mono = 1.

**These rates are generally competitive rates to give you a feel for where the market is at.  Contact me for quick close deals and rate specials!

ECONOMICS:

Calgary Key Market Indicators

Business
~ WTI Crude Oil is at $46.21 this week (last week it was at $43.33).
~ Natural Gas is at $2.10 this week ($2.10 last week).

Money
~ Canadian dollar settled in a little at $0.78 (last week was $0.77)
~ 5 Year bond is at 0.700  (last week it was at 0.691).
~ Year over year (yoy) inflation in Calgary from March 2015 to March 2016 was 1.4%, February 2015 to February 2016 was also 1.4% (2.0% in January).
~ Year over year Canadian inflation in March was 1.27%. February was 1.36%. In January it was 2.01%. In December it was 1.61%. The Bank of Canada preferred bandwidth is 1.0% to 3.0%.

People
~ Calgary unemployment dropped for the first time in a while to 8.3% in April.  It was 8.6% in March. It was 8.4% in February and 7.7% in January.
~ Canadian unemployment in April was 7.1%.
~ Calgary’s population grew by 1900 in April.

LIFE:

“Someone who is rebellious does not want a solution.  Set limits until there is true repentance.”

– Lovingonpurpose.com