The requirements of the conventional lenders are strict; however, Better Option Mortgage's extensive portfolio of private lenders enables us to arrange financing for those who may not have met the requirements of the conventional lenders.

Requirements for 1st Mortgages from Conventional Lenders:
  • Up to 75% of appraised value of home
  • Up to 85% of appraised value of home on a refinancing
Many of the borrowers who contact us are having trouble meeting some of the criteria that conventional lenders require to qualify for a loan. Often this is the result of:
  • inability to verify income
  • a recent bankruptcy
  • poor credit history
Better Option Mortgage prides itself in its ability to help borrowers meet these criteria or find other lenders where:
  • criteria is not as strict
  • lender enables the borrower to meet the criteria in a more realistic manner
We counsel our clients on how to meet the criteria for 1st mortgages with conventional lenders. Often this isn't as cut and dried as the lender would have you believe. We also have an extensive and expanding portfolio of private lenders which enables us to provide alternate solutions to this problem. Contact us for more information or to arrange a consultation to learn more.



1st & 2nd Mortgaging
Sale Price
$180,000
Cash
$18,000
1st Mortgage
$135,000.00
@
6.95% 5/25
2nd Mortgage
$27,000.00
@
12.25% 1/25
CMHC Fee
$0
CMHC Application Fee
$0
CMHC P.S.T.
$0
Appraisal Fee
$187.50
Brokerage Fee - 1st Mtg
$0 to qualified purchaser
AMC Admin Fee - 2nd Mtg
 
Total Mortgage
 
Total Payment
$162,300.00
Balance owing after 1 year
$160,001.24
Difference in Mortgage Balance after 1 year $3,768.90
Difference in Mortgage Payments after 1 year $812.52
Equity difference in favour of 1st and 2nd Mortgages $2,956.38





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