How Credit Unions and Alt Lenders Can Unlock Your Dream Home

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Stresssssssss Test…..

Are you feeling the squeeze of the mortgage stress test as you dream of homeownership?

Well, there might be a secret passage to your dream home that doesn’t involve stressing over stringent mortgage regulations.

Let’s explore how credit unions and alternative lenders can be your key to unlocking the doors of property ownership.

The Mortgage Stress Test Dilemma

So, you’re eager to own a home but find yourself caught in the clutches of the mortgage stress test, a federally regulated hurdle that lenders across the nation must adhere to.

But what if there was a way to sidestep this obstacle and open up a world of possibilities?

Canadian single family suburban home craftsman style

Credit Unions: Localized Heroes of Homeownership

Enter credit unions, the unsung heroes of localized lending. Most credit unions are provincially regulated, offering a unique advantage: borrowers aren’t compelled to pass the dreaded mortgage stress test.

Sure, the interest rates might be slightly higher, but the silver lining is that you could potentially qualify to spend up to 20% more on your dream property.

Imagine the difference that could make in markets like Calgary, Toronto, or Vancouver, where it could mean the choice between a condo and a spacious house.

slocan lake view from highway 6 looking north towards Silverton, BC meadow of flowers, trees surrounding a spectacular lake bordered by towering mountains

Alternative Lenders: Paving the Way Beyond Conventional Limits

If the credit union route doesn’t align with your plans, fear not – alternative lenders are here to save the day.

Operating outside the prime lending space, these lenders aren’t bound by the same stress test constraints.

Alternative lenders offer a diverse range of mortgage products, some of which liberate you from the stress test requirement.

Picture this: no stress test coupled with an extended amortization period. Suddenly, you’re looking at the potential to spend well beyond the 20% threshold on your dream home.

Conclusions and Further Thoughts

Choosing Your Path to Homeownership

So, which path will you choose to make your homeownership dreams a reality? Whether you opt for the community-oriented approach of credit unions or the flexibility and innovation of alternative lenders, there’s a way to bypass the mortgage stress test and open doors to greater possibilities.

Remember, the journey to homeownership doesn’t have to be a stressful one.

Explore the avenues that credit unions and alternative lenders offer, and you might just find yourself stepping through the front door of your dream home sooner than you think.

Contact Huber Mortgage to talk through your options!  Contact 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

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