See how we helped a borrower with single income, switch from Alternative Lender to Prime A Lender in Edmonton, Alberta, Canada.
- Tina Kha
- 2 days ago
- 2 min read
Mortgage Snapshot
Canadian mortgage solutions vary widely depending on your financial profile, credit history, and the type of property own. Understanding these options is crucial to making an informed decision.
Purchase Price: $650,000
Mortgage Amount: $242,916
Property Type: Apartment
Mortgage Term: 5 Years
The Borrowers' Goal
Refinance current mortgage to move from alternative lender to prime lender for lower interest rate.
The Challenge
Every mortgage application is unique. In this case, some of the factors we needed to navigate included:
Single income
Borrower owns 3 properties
Previous mortgage broker did not provide strategy to move to prime lender
Our Solution
After reviewing the available lender options, we developed a strategy that addressed the borrowers' situation and secured financing that met their needs.
Getting application submitted immediately
Gathering and reviewing all documents required
Comparing available mortgage options ahead of time
Understanding employment situation
Uncovered additional income
The Outcome
Verified the borrowers longstanding employment history with their current employer and industry. Property we worked on was the primary residence. The other two properties owned are rental properties. Determined rental income surplus for both properties.
Approval Summary
Approval Time: 3 business days
Approved Mortgage Amount: $242,916
Property Location: Edmonton, AB
About Edmonton, AB,
Edmonton is known for being home to the largest urban park system in Canada. Housing market is often more affordable than Toronto, Vancouver, Calgary, Montreal and Ottawa.
Despite steady price growth over the past two decades, the market has remained relatively stable compared to other major cities.
Edmonton offers a rare combination of affordability and long term investment potential - which is exactly why we're seeing more property owners look at restructuring their mortgages to take advantage of better lending options as their portfolios grow.
Mortgage Tips for Buyers in Edmonton
Some buyers may benefit from
Credit optimization
Understanding lender qualification requirements
Working with an experienced mortgage broker can help identify suitable options across multiple lenders.
Thinking of switching from alternative lending to prime?
Whether you're purchasing your first home, upsizing, investing or refinancing, its important to understand your options.
Disclaimer
The mortgage approval scenario presented in this article is based on a real client experience; however, certain details may have been modified or generalized to protect client privacy. This mortgage approval example is provided for informational purposes only. Individual results will vary based on each borrower's financial situation, lender requirements, and market conditions. Approval terms and rates are not guaranteed.
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