During the COVID-19 pandemic, many Canadians from coast to coast have found themselves in a difficult position financially. The Canadian government temporarily implemented several stimulus programs to alleviate the financial burden caused by COVID-19. The most notable being the Canadian Emergency Response Benefit (CERB). However with CERB payments ceasing at the end of September, millions of Canadians will begin receiving Employment Insurance (EI) instead. EI is a government-run program that provides regular benefits to individuals who lose their jobs through no fault of their own.

 

What does this all mean for your mortgage? Whether you need to renew your existing mortgage, refinance, or purchase a new home, many Canadians are asking “how will I be able to meet the income qualifications while on reduced income?” In addition to this, the stresses and strains of income reduction has led to many Canadians seeing a drop in their credit score.

 

The Alternative Solution

Individuals without adequate documentation of income and/or with poor credit history may be turned away from the bank. However, don’t lose hope.

Did you know that alternative lenders may have fewer income restrictions compared to traditional mortgage lenders?

 Alternative lenders are often equity-based lenders and as such consider the equity available in your property as part of the underwriting process. The more equity, the more forgiving they often are on qualifiers like income and even credit score.

 

Many alternative lenders will consider income from self-employment or even stated income. With stated income, often a letter outlining your income, possibly with some minor documentation to back your claim, may be sufficient to qualify. The self-employed individual may be able to rely upon standard business documentation (bank statements, invoices, contracts, etc.) to meet the lenders income verification standards.

 

In addition, alternative lenders or private lenders are generally more flexible with the credit history requirements. While you can expect good credit to smooth the path with any lender, a low credit score is often less of a concern with alternative lenders than at the bank.

 

Choosing an Alternative Lender That Fits Your Needs

Finding the right lender involves more than looking at competitive interest rates; you’ll want to work with a company that has your best interests at heart and can help you to make informed decisions about your future.

An alternative mortgage lender offers a more personalized approach to borrowing as well as more flexible options for individuals with poor credit or less fortunate circumstances.

Finding a mortgage lender can be a daunting task. One common strategy to help is to seek the services of a qualified mortgage broker. They will help educate you on the process, ensure you are well informed and ultimately help you make the decision that’s right for you.

 

As an alternative lender, Alta West Capital provides solutions for people like you. With a quick and easy application, you can get your purchase, mortgage renewal or refinance underway today.

 

Click the link to begin your application and we will get back to you within 24 hours.

 

About Alta West Capital

Since 1991 we have helped Canadians in Alberta, British Columbia, and Ontario by providing them with mortgages and lending alternatives to meet their needs. We specialize in mortgages for first-time homebuyers, families that are new to Canada and self-employed business owners. We also offer debt consolidation services, mortgage refinancing, and mortgages for second homes or investment properties.

 

No matter what your situation, when you trust Alta West Capital for your borrowing needs, you will receive exceptional service and personalized solutions. Choose Alta West Capital and discover why more and more Canadians are embracing alternative mortgage lenders.

Before spending money on a home renovation, you may want to consider the return on investment. Home improvements are not always a good idea, but there are times when renovating makes the most sense and applying for a home improvement loan may be necessary. 

When Should I Get a Home Renovation Loan?

If you are planning to renovate your home to continue living in, you may want to save up or perform the renovations little by little, over time. Improvements that are merely for comfort or style purposes do not result in a financial return on investment. However, if you plan to sell your house in the near future, or you need to expand your living space to accommodate your growing family, a home renovation loan could be your best option. Keep in mind that not just any home improvement will help to increase the value of your home when it comes time to sell; these four home renovations have a high return on investment. 

1. The Kitchen

For many people, the kitchen is the centre of the house and one of the first things they look at when buying a new home. When you renovate your kitchen, your chances of selling for a higher price significantly increase. 

2. The Bathroom

It may sound crazy, but outdated bathrooms can discourage buyers from making an offer. If you use a home renovation loan to spruce up a bathroom, you’ll likely see a significant ROI. 

3. The Floors

Home renovation and construction loans are most effective when used to make a big impact. Flooring is one of the first things people notice when viewing a home. If your house still has shag carpet from the 70s, it’s time to make a change. You may be surprised at the difference a brand new hardwood floor can make to the overall value and appearance of your house. 

4. The Appliances

While you may choose to do a complete kitchen renovation, using the money from a home renovation loan to only upgrade your appliances is also a smart decision. Why stop in the kitchen? Consider replacing your furnace or installing a new HVAC system as well. 

Talk to the experts at a mortgage investment corporation about applying for a home renovation loan; they can provide you with advice and knowledge to help you make the right decision for your family. 

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer several lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly — call (403) 254-9075 or email info@awcapital.ca.

Whether you plan to renovate and flip the house, rent it out, or sell it once the values increases, investing in a second property for investment purposes can be an excellent financial decision, but only if you’re prepared to take on the challenge of two independent mortgages. Here are some tips to help you prepare.

Review Your Credit Score

As with preparing for a first-time buyer mortgage, you should start with reviewing your credit report. If you have been diligent with your mortgage payments and other bills, you should be in a good position to apply for another loan. If there is anything out of order with your report, take the necessary steps to resolve the issues before proceeding.

Do Your Homework

In addition to researching current interest rates, house prices, and rent trends, make sure that figure out the estimated return of investment on the property. Before you dive head-first into purchasing a second property, you may also want to determine a mortgage lender and look into the benefits of partnering with an alternative mortgage lender versus a bank.

Evaluate Your Finances

One of the most important things to consider when applying for an investment property mortgage is whether or not you can afford the financial weight of an additional mortgage. You need to establish what you can afford as a down-payment, what it will look like to have multiple mortgage payments each month, and how much time and money you will need to invest in the upkeep and maintenance of the second property.

Work With an Experienced Mortgage Lender

Because managing two separate mortgages can be more complicated than only servicing one, it’s essential to work with experienced mortgage lenders who can help you navigate your unique situation. Alternative mortgage lenders are trustworthy, flexible, and equipped to help you with whatever you need.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

A commercial property mortgage can help you secure the proper funds for the purchase of a new office building, retail store, apartment complex or other building. You can even use a commercial mortgage to consolidate your business debts. We’ll discuss everything you need to know about securing a commercial property mortgage with a mortgage investment corporation.

What is a Commercial Property Mortgage?

In the same way that a residential mortgage is a way to finance your home, a commercial property mortgage is a way to finance a building or property where you work or do business.  In this sense, there are many properties that qualify for this type of loan.

Applying For a Commercial Property Mortgage

It’s critical to understand that the criteria for qualifying for a commercial mortgage is unique and different from a residential mortgage. Your mortgage lender might ask about your business including how stable it is, what your plans for growth are, and some information about your credit history. Keep in mind that a private mortgage lender will likely have fewer conditions, making it easier to qualify for a commercial mortgage.

Repaying a Commercial Property Mortgage

Like a traditional mortgage that has an amortized term, commercial property mortgages are also paid off over a set amount of time. With your home, you may have up to 25 years to pay off the loan, but amortization terms are generally shorter with commercial mortgages to keep in line with business accounting practices. You could have the option to pay off your commercial loan over 5, 10, or 15 years. If a balance still exists at the end of the term, borrowers may choose to pay off the remaining principle in one sum payment, refinance the property, or sell.

Where to Get a Commercial Property Mortgage

Because it can be challenging to qualify for a commercial property mortgage, it’s best to trust a private mortgage lender, especially if your business is new, struggling, or in a significant amount of debt. A private lender can offer useful advice and assistance to help you navigate the complexities of the loan application process.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

If you still owe a balance at the end of your mortgage term, you will either need to pay off the remainder or apply for a mortgage renewal. When you renew your mortgage, you have the option of choosing to switch to a different mortgage lender. Here are some tips to make sure the process goes as smoothly as possible.

When to Start the Mortgage Renewal Process

You can begin shopping around for a different mortgage lender or begin the renewal process with your current lender approximately four months before the end of the term; this is an excellent opportunity to find what lenders are offering what, and how to better negotiate the terms of your renewal.

Reviewing Your Mortgage Renewal Needs

During this time, you should evaluate how your situation has changed regarding your financial goals and mortgage needs. Are you looking to move within the next five years? Is your family growing? Does your budget allow for higher monthly payments? Will you need to borrow more money from your mortgage lender? Are you satisfied with the services offered thus far? Once you ask yourself these questions, you’ll have a better idea of what to do when it comes time for your mortgage renewal.

Renewing with Your Current Mortgage Lender

If you decide to remain with your current lender, the process is rather simple. They will send you a mortgage renewal offer in the mail which you can choose to sign, or you can sit down with them to negotiate better rates and express any concerns you might have.

Switch to Another Mortgage Lender

Switching lenders is not quite as simple, but it’s the best way to access to better mortgage rates, especially if you are unsatisfied with the service offered by your current lender. Keep in mind that switching to a private mortgage lender usually means you will not have to pass the stress test again, whereas switching to a different bank does, and it could end up being more costly than it’s worth.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

Congratulations! You have the entrepreneurial spirit, and you’ve decided to start your own business. There are plenty of benefits to being self-employed. While it takes hard work and determination, the pay-off will be worth it in the end! If you’re planning to buy a house in the midst of building your business, there are some things you should know. Applying for a mortgage while self-employed can be difficult, but we can help. Here’s what you need to know.

Prove Your Income to a Mortgage Lender

Most mortgage lenders will require you to provide two years worth of accounts in order to prove your income. We recommend hiring an accountant if you don’t already have one to help with the process. You should also focus on saving enough for a healthy downpayment.

Finding a Mortgage Lender

Without an adequate account of your work and a good credit score, the banks may turn you away for a self-employed mortgage. However, don’t lose hope. Private mortgage lenders generally have less strict requirements and, while you may still need to prove your income, a low credit score is less of a concern. Private mortgage lenders can help you get approved for a mortgage in almost any situation.

The Do’s and Don’ts of Self-Employed Mortgages

In summary, here is a list of everything you should and should not do if you’re planning to apply for a mortgage when you’re self-employed:

Do keep up to date with your records and accounts.

Do hire a certified accountant to help prepare the necessary documents.

Do speak to a private mortgage lender about alternative solutions.

Don’t minimize your income for tax purposes.

Don’t assume it’s impossible to get approved for a mortgage just because you’re self-employed.

Talk to a private mortgage lender today about your options; there may be different solutions based on the set-up of your business. It also never hurts to get testimonials from your clients as proof you have a good track record.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

When it comes to purchasing your first home, there are a lot of decisions to make and, unfortunately, a lot of room for error. Follow this guide to make the most of your home buying experience and avoid these mistakes when it comes to applying for a first-time buyer mortgage.

Don’t Drain Your Savings With a First Time Buyer Mortgage

You’ve been scrimping and saving for some time now, and you’re itching to get out of the rental game. However, try not to drain all of your savings on the purchase of your first home. Together with your realtor and your mortgage lender, come up with a suitable solution that fits your financial plan. You might want to set some extra cash aside if you decide to take out a home renovation loan in the future or buy new furniture for your house.

Don’t Forget About Hidden Costs

There are quite a few fees that you might forget about as you apply for a first-time buyer mortgage. In addition to your down payment and monthly mortgage payments, you’ll need to cover the cost of moving, a home inspection, repairs, insurance, taxes and the closing costs of the sale to name a few.

Don’t Rule Out a Private Mortgage Lender

One of the greatest mistakes you can make when it comes to applying for a first-time buyer mortgage is talking with only one mortgage provider. Not all mortgages are created equal, and you might be able to get a better rate if you do the proper research. Consider applying for a loan with a private mortgage lender if you’re looking for higher approval ratings and better customer service.

Don’t Look at Houses Before Applying for a Mortgage

Buying a new house, especially your first house, is an exciting life event. That being said, try not to make an emotional decision. At the same time, it’s best to apply for mortgage pre-approval so that you are ready should the perfect house present itself.

Don’t Opt Out of A Home Inspection

Even if a house looks perfect, you never know what’s happening beneath the surface. A detailed home inspection can help you determine whether the listing price is fair and if there is any need for negotiations.

Avoid these five mistakes, and you’ll be in the best position to apply for a first-time buyer mortgage with a mortgage lender!

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

If you are planning to apply for a first-time buyer mortgage, you may not know where to start. Being unsure whether or not you’ll receive approval for your loan can feel like stepping into the great unknown. We encourage you to follow these tips to ensure your loan will get approved.

Ensure Mortgage Approval By Improving Your Credit Score

If you know that your credit score is low, take immediate action to try and improve your rating. Setting up direct withdrawal payments for your credit cards and phone bills to ensure they are paid on time could play a significant role in whether or not a mortgage lender approves your loan.

Apply For Mortgage Pre-Approval

Mortgage pre-approval can become a useful tool in your back pocket when it comes time to start shopping for houses. Mortgage pre-approval takes the guesswork out of the process. If you don’t receive pre-approval, you can take the necessary steps to save up money and improve your credit score before falling in love with a house.

Do You Qualify For Any First-Time Buyer Mortgage Programs?

When you’re applying for a first-time buyer mortgage, you may qualify for some financial aid from local or provincially funded programs. If you can save extra money to make a more substantial down payment, you may have a better chance of having your mortgage approved.

Turn to a Private Mortgage Lender

Private mortgage lenders are more than happy to help as you plan and apply for your first-time buyer mortgage. Mortgage investment specialists can help you determine what you can afford for monthly payments, and how you can budget for a mortgage that meets your needs.

As you begin the process of applying for a mortgage and buying your first home, follow this advice to ensure loan approval and a comfortable process from start to finish.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West

loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

If you are in a low-income environment, you may be looking for ways to increase your revenue in order to qualify for a first-time buyer mortgage. Whether you need help getting approved or you’re hoping to qualify for a larger loan, here are some ways to increase the amount of qualifying income on your mortgage application.


Acceptable Income Sources For a Mortgage Lender

Part-Time Job

If you want to use your part-time job as qualifying income, a mortgage lender will need to see proof of the income on your taxes so that they can be assured the income is stable and consistent. The same goes for tips if you are a server or a bartender.


Disability

You can use your monthly disability payments from public assistance programs like AISH to help you qualify for your mortgage. This income is only considered if it is long term; a mortgage investment corporation needs to see that you have the income to pay off your mortgage now and in the future.


Spousal/Child Support

Mortgage lenders will accept spousal and child support payments as qualifying income on the stipulation that the payments will continue for at least two to three years in the future, and that the past payments have been consistent and on time.


Retirement/Pension

While it’s less common to apply for a mortgage when you’re retired, retirement and pension are still acceptable income sources.


Rental Income

If you’ve previously applied for an investment property mortgage and you rent out the property, you can use the monthly rent payments as a source of income to include on your mortgage application. Again, make sure the income is documented correctly on your tax returns.


Choose a Different Mortgage Lender

If these options do not qualify you for the mortgage you’re looking for, consider applying with a different company such as a private mortgage lender; their approval rates are often much higher than the banks!


What Matters Most for a Mortgage Application

Keep in mind that your income may not necessarily be the most important part of your loan application. Most mortgage lenders care about the amount of your downpayment and your overall credit score in addition to your monthly income.

 

Keep these tips in mind the next time you apply for a first-time buyer mortgage or a home renovation loan.

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

Congratulations! You’ve made the decision to purchase a second house. Whether you need an investment property mortgage or you plan to buy a vacation home, there are some mortgage mistakes you should do your best to avoid.

Not Getting Pre-Approved for a Second Home Mortgage

As with the mortgage for your first house, pre-approval is an important step in the home-buying process. Pre-approval will give you an idea of what kind of mortgage you can qualify for so that you don’t get your heart set on something that you can’t afford.

Not Researching Second Home Mortgages

As with any big decision, you should do your research and get properly educated. Know what your options are when it comes to a mortgage lender. You may also want to research the area where you plan to purchase your second home and consider things like property taxes and the real estate market.

Not Choosing the Right Second Home Mortgage

Avoid sticking with the same mortgage provider simply for the sake of convenience. If there’s something you didn’t like about your first experience, don’t be afraid to shop around. You may want to consider going through a private mortgage lender for your second home mortgage.

Not Being Able to Afford Two Mortgages

It can be tight to pay for two mortgages simultaneously. Before you make the decision to apply for a second home mortgage, review your budget and ensure you can afford the mortgage payments and taxes for both properties. You may want to review your budget with a mortgage lender as part of the application process.

Forgetting About Additional Costs

When you sit down to set a budget and determine what you can afford for a second mortgage, don’t forget about the added costs that are associated with owning an additional property. Consider the costs of insurance, furnishings and decor.

Avoid these five mistakes and you’ll be one step closer to relaxing on the beach by your new vacation house! Make your dreams a reality with advice and lending solutions from a private mortgage lender.

 

Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email info@awcapital.ca.

George Botros
Chief Executive Officer

George Botros was appointed as CEO of Alta West Capital in April 2021. Prior to his role as CEO, George served as Alta West Capital’s CFO and CCO from 2014 to 2021. He has over 20 years in the lending business, participating in residential, commercial, mezzanine, and interim financing related activities.

 

George is also a Director of the funds Alta West administers. Prior to joining Alta West Capital, he managed Toro Financial Corporation which amalgamated with AWM Diversified MIC, an entity managed by AWC, in 2014. George was also a University Professor teaching Finance and Economics for University of Lethbridge.

 

George holds a Bachelor of Economics and an MBA.