Mortgagenomics Canada

Click Here to be re-directed to the podcast blog for more detailed transcripts.Here is a summary outline of the key qualification criteria for Alternative Lending mortgages in Canada (formerly known as subprime mortgages):minimum down payment of 20% is requireddebt servicing ratios are as much as 35% higher than triple-A lenders (this means applicants can qualify for more mortgage)income qualification criteria is far less demanding than triple-A lender qualification guidelinesvery flexible to applicants who have a weak/damaged credit historyaccommodating to newly established self employed applicantshigher rates, shorter tems..."band-aid" or "transitory" mortgagesexpect a fee of 1-2% on the full mortgage balanceHere are some examples of common sense qualification:rather than requiring a recent pay stub and employment letter, an alternative lender may simply request 3 months worth of bank statements to verify income deposits into your bank accountin triple-A lending, self employed applicants require a minimum t