What's the First Step to See If I Qualify?
The first step is not choosing a lender or guessing at a rate. It is understanding your situation well enough to know whether there is a realistic mortgage solution.
That starts with a few basic numbers: the property value, mortgage balances, income, credit and what is preventing traditional financing from working.
Start with a mortgage application and the basic property numbers.
Once we can see the full picture, we can determine which lenders may realistically consider the mortgage.
If the numbers make sense, the next major step is usually confirming the property value with an appraisal.
First Find Out What's Actually Possible.Then Choose the Mortgage.
Alternative lending covers many different lenders and mortgage structures. The right option depends on your equity, income, credit, existing debt and what you need the financing to accomplish.
Four Things Tell Us a Lot Very Quickly.
You do not need to have every document ready before having the first conversation, but these basics determine whether there is likely a path forward.
Property Value
A realistic current value gives us the starting point for calculating available equity.
Mortgage Balances
We need to know what is currently registered against the property and what needs to be paid out.
Income & Credit
These help determine whether a bank, B lender, alternative institution or private lender is realistic.
What You're Trying to Solve
Renewal problem, consolidation, arrears, self-employed income, credit issues or another financing need.
A Straightforward ProcessFrom Review to Approval.
The objective is to determine quickly whether there is a realistic solution before you spend time and money unnecessarily.
If the basic numbers work, we can move into proper underwriting and confirm the property value.
In Equity-Based Lending,the Property Value Can Decide Everything.
A realtor estimate or online valuation can be useful for an initial discussion, but lenders generally require an appraisal from an accepted appraiser before they will rely on the value for financing.
That is why the appraisal often becomes the critical next step once the application shows there may be a workable solution.
You Should Know Pretty Quickly Whether There Is Something to Work With.
The goal is not to drag you through a long process before telling you whether the mortgage is viable.
Is There Enough Equity?
If the loan-to-value is already too high, that can eliminate many alternative options immediately.
Which Lender Category Fits?
Bank, B lender, alternative institutional lender or private financing all have different requirements and costs.
Does the Strategy Make Sense?
Approval alone is not enough. The financing should solve the current problem and have a reasonable next step.
The First Step Is Simple.Give Us Enough Information to See the Whole Picture.
Complete the mortgage application, provide the basic property and mortgage information, and we can determine whether there appears to be a realistic solution. If there is, we move forward from there.
Start With the Mortgage Application.
Once we have the application and the basic numbers, we can determine what lenders may realistically consider the mortgage and what the next step should be.
