Equity-based mortgages are a potential solution when you have income that is difficult to prove or have a credit or debt ratio issue.
If you have been holding off on purchasing a home in Kelowna or the surrounding Okanagan area of British Columbia because you aren’t sure you’d qualify for a traditional mortgage that has income and credit guidelines to meet, you should know that it might still be possible. At Centum Mortgage Store, Ltd., we can help you learn about equity-based mortgages, which are ideal for this situation.
We have access to more than 20 mortgage lenders, so we can match you with a lender that offers equity-based mortgages when you need a solution outside the norm. Since this type of mortgage is based on your equity in the property, it can compensate for non-traditional income documentation, previous credit impairment, or an elevated debt ratio. The lender instead looks at the equity of the property and its potential marketability as security for equity-based mortgages.
Equity-based mortgages are a viable solution if you are looking to purchase a home and have either a large down payment or significant equity in your current home due to market appreciation. This is the type of mortgage we advise obtaining when you have an income that is difficult to prove, such as self-employment income. We’ll take the time to learn about you before recommending equity-based mortgages and provide you with all the guidance and information you need so you can make an informed decision.
If you would like to know more about equity-based mortgages or any of the various types of mortgages we can assist you with applying for, don’t hesitate to reach out to us. In most cases, our services are free, so you have nothing to lose by calling us to find out more.