Alternative Mortgage Loan Qualification
To qualify for a loan from an alternative lender, borrowers will typically need to meet certain requirements, which can vary depending on the lender.
Some of the common requirements may include a minimum credit score, proof of income or employment, a certain level of equity in a property and a solid business plan for businesses.
Conclusions and Further Thoughts
Clients who use alternative lenders may include individuals who are self-employed, have a poor credit history, or are unable to meet the strict lending criteria of traditional banks.
Small businesses that do not have a long track record or substantial assets may also turn to alternative lenders for financing.
In some cases, clients may choose alternative lenders simply because they offer faster and more convenient loan processing than traditional banks.
Contact Huber Mortgage regarding your alternative lending options – HERE
PS – One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER in Kelowna, BC!
Check out the Huber Mortgage Home Buyers Guide HERE