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October 22, 2017
The Office of the Superintendent of Financial Institutions (OFSI) confirmed on October 17 that all mortgage applicants would have to pass a “stress test” on their qualifying income – no matter how high their down payment as of January 1st, 2018. Last fall a stress test was introduced to […]
June 1, 2016
In the mortgage industry, Private Lending is the lending of money on a secured asset, land and/or house by a non-conventional lender. The loan provided to the borrower is based on non-traditional qualifications; for example, bank account statements can be used to show cash flow in lieu of the traditional […]
March 12, 2016
A mortgage granted to a borrower with a less-than-perfect credit report or unproven income is commonly called Sub-prime or B Lending/Mortgage. Sub-prime borrowers have either missed/late payments on outstanding debt such as credit card or loans or have undeclared income. Lenders charge a higher interest rate to compensate for potential […]
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