More people are calling these days asking if we arrange mortgages with B lenders. Starting to believe more borrowers are not qualifying for traditional mortgage financing. If your bank has turned you down, a B lender mortgage solution ( alternative mortgage), may be for you.
A mortgage, for a credit challenged borrower is B lending or an Alternative Mortgage.
The new Stress Test
Your credit might be great, but if your
and GDS is too high based on the new stress test, you may be helped with Alternative Financing. What is the the stress test and how might it affect you?
B lending has become more common, because traditional requirements have become tightened. These mortgages are a good alternative. Priced on shorter terms, and from 1 to 2% above 5 year discounted rates. The draw back, is that they will not lend more than 80% of sale price on purchases. Refinances stop at 80% of the appraised value of the property. For a guideline on Alternative rates check here.
A good mortgage broker will work with you providing insight and tips on how to edge up your credit over the term. If you do this well, you may qualify mainstream at lowers rates at the end of the term.
We at RMA we are instrumental by providing borrowers with solid mortgage advice. We ensure borrowers get the best chance to qualify at lower rates at renewal time.
If you are credit challenged and looking to buy or refinance a home, be sure to contact us. Ask for a FREE NO OBLIGATION mortgage consultation.
Call us today at 1-877-237-2601 or contact us.