09/17/2024
Working with a mortgage broker gives you access to alternative lenders who can offer more based on your overall ability to pay, not just your current income. Here are four ways non-Big-Six-Bank lenders can help you qualify.
1️⃣ Contributory income
Family members contributing to bills, like grandma in the guest room, may not be on the title but can still boost your mortgage application with alternative lenders. Some lenders also accept well-documented part-time or gig income without the usual two-year history.
2️⃣ Future Income
Lenders often bet on future income for professionals like doctors or lawyers. Non-professionals can also qualify with expected future income, such as child support, alimony, or rental income. Newcomers starting a business or transitioning to self-employment can also get approval if they show an established income stream.
3️⃣ Liquid Assets
Some lenders factor in assets that can be quickly converted to cash when determining what you can afford. This can help justify exceptions to debt ratio limits, and some may even consider RRSPs to support a larger loan amount.
4️⃣ Future Assets
Borrowers with a property for sale, a trust fund, or an expected inheritance may have future cash available. Alternative lenders often consider a portion of these assets for debt servicing or mortgage repayment.
If you have any questions or need more information, reach out to your Mortgage Broker.
