Hello Summer. Hello Home Renos...

Most of us will be sticking close to home this upcoming long weekend which opens the opportunity to tackle a few indoor and outdoor home projects. We have spent a LOT of quality time in our humble abodes this past year and there’s no better time to focus on DIY projects moving into the summer months. Whether you’re looking to refresh a small space, indulge in a mini home makeover or invest in the value of your home – now is the time. 

Improving Your Home Value

Increasing your home value starts here!

Ideas for improving the layout, functionality & future value of your home…

  • A fresh coat of paint in your primary rooms can open up a space making it feel larger, contemporary and clean
  • New crown molding will add character & a sense of sophistication to each room
  • Visually increase square footage by adding new built-ins (new desk) under the stairs or in an unused nook/corner of your home
  • Add new shelving to each closet in the home to allow for improved organization 
  • Look at getting an inspection completed to identify any potential areas of improvement
  • Give your master bathroom a mini makeover – small upgrades equate to great return on your investment

Look at trendy and affordable alternatives for flooring including vinyl or laminate, but spend a little more on ceramic or porcelain countertops and backsplashes. Sleek, modern fixtures can make all the difference!

Finish the basement in your home to provide you with more livable square footage, making it more attractive when it comes time for resale. Look at adding a bar or entertainment area that can have dual uses. 

Redefining Your Space

Extend Your Outdoor Living Area

More homeowners are making the most of their exterior space (patios/backyard). Building a backyard oasis does not have to be a big feat. Keep the gardening trends alive into 2021! 2020 was the year of the green thumb for many people retreating to their own backyards for solace and comfort.

Create a living plant wall with movable planters is a brilliant start for adding character and charisma to your outdoor space. Invest in new patio furniture and swing by your local greenhouse to pick up a fun assortment of goods.

Refresh & Revitalize

  • Install a new front door (bold colors are all the rage right now!)
  • Give your home a rinse – plan to power wash the exterior of the home to leave it glistening in the sunshine and looking clean. Give the driveway, sidewalks and walkways some love while you’re at it.

Add some character to your home! 

You’ve been spending significant amounts of time in your humble abode. Leave your mark and truly make it your own by adding some personal flare.

  • Start with bringing in some new artwork (go big in a small space – check out your local galleries or scope something vintage from a second hand or thrift store for enhanced character & personality). There’s a story to every masterpiece!
  • Add new wallpaper pattern in your powder room or home office
  • Make the most of unused space! Add a bookshelf or wine storage under the stairs or under any unused nook around your home

Prepare for Success

  • Understand the full scope of project & key timelines
  • Do your research!!! Source multiple quotes to ensure competitive pricing of materials
  • Be realistic in your capabilities, do not be afraid to reach out for specialized expertise. While YouTube can be a helpful guide, there is no harm reaching out to a professional for small or big parts of your home renovation
  • Determine which jobs need to be outsourced once you’ve completed your research
  • Know your budget, include a contingency for unexpected discoveries (10-15% of total projected costs)
  • Financing – Our team of mortgage experts can help you get closer to your dream home oasis with our Flex 2nd Mortgage offering. We can lend up to $200,000 with ultimate flexibility offering open-term financing

Need funding for your home renovation?

Connect with your trusted Mortgage Professional to ask about our Home Renovation: Flex 2nd Mortgage.

 

LET’S MAKE IT HAPPEN.

 

Alta West Capital – Turning Possibility into Reality.

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.

When it comes to making any significant financial decision, it’s important to conduct the proper research regarding the institution you plan to fund your investment and the method you intend to use. Buying a home is no different. In fact, purchasing a home may be one of the most significant financial investments you will ever make. As such, deciding where to apply for a mortgage is a choice that should be carefully weighed and considered. In Canada, there are two main sources for mortgages: banks and mortgage investment corporations, or alternative mortgage lenders. Let’s review how these options are different. 

1. Mortgage Investment Corporations Do Not Conform With Federal Lending Guidelines

Unlike banks, which are federal institutions, the structure of MICs allows them to be provincially regulated. As such, they fall outside of the often burdensome lending guidelines that banks are required to adhere to. It’s important to note that although MICs fall outside of some federal guidelines, they are well regulated by both federal and provincial legislation; they are not un-regulated entities. 

2. Mortgage Investment Corporations Offer Flexible Lending Terms

Without having to abide by the same federal policies as the banks, mortgage investment corporations, or alternative mortgage lenders, are able to offer greater flexibility when it comes to loan terms. This flexibility means they can cater to the individual needs of the borrower with tailor-made loans and terms.

3. Mortgage Investment Corporations Allow For Faster Loan Approval

Regardless of what the loan is for, whether you’re applying for a first-time-buyer mortgage or a home renovation loan, the chances are your loan will be approved faster through a MIC or a private mortgage lender. Borrowers of banking institutions are subject to undergo stress tests and an extensive qualification process; oftentimes, loan approval can take months. MICs, on the other hand, are able to structure plans and approve loans in as little as two weeks. 

Which Type of Mortgage Lender Should I Choose?

Depending on your situation, it may be advantageous to borrow from a private mortgage lender over a bank. MICs and private mortgage lenders are the best options for individuals who require quick approval or have already been turned away from the banks due to the inability to qualify. 

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.

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.

Mortgages can be confusing, but your mortgage lender can help you through the process. Here is everything you should know about your mortgage lender and some questions you may want to ask them.

What is a Mortgage Lender?

The first thing you should know is that there are different types of mortgage lenders. The most common option is the bank. However, if you are unable to get mortgage approval from the banks, there are other options to consider. Private mortgage lenders have a higher approval rate and are an excellent option for individuals with a poor credit history. A private mortgage lender could be your saving grace when it comes to getting the approval you need.

Questions to Ask Your Mortgage Lender

Which Type of Mortgage is Best?

The first thing you should ask your private mortgage lenders is what kind of loan best fits your situation. If you are a first-time buyer, a fixed-rate loan might be your best option. Mortgage lenders can also make suggestions if you’re looking for a second home mortgage or if you’re new to Canada.

What is the Interest Rate and APR?

The annual percentage rate is an essential aspect of your mortgage. It is a calculation that includes the interest rate and all other fees divided by the length of the term. If you prefer to go with an adjustable interest rate, you may want to ask about adjustment frequency and interest rate caps.

What Are All the Costs?

A private mortgage lender can provide you with an estimate that contains all the associated costs of your loan including the cost of the appraisal, credit report, title policy, inspection reports, and taxes.

When you’re considering applying for a mortgage, be sure to find a mortgage lender that can answer all these questions and can provide you with the best loan possible.

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.