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.

Most Canadians have some type of debt obligation, including one or more of the following: a mortgage, car payment, line of credit, consumer loan, or credit card debt. For some individuals and families, debt is a source of major concern and cause severe anxiety, stress, and financial instability. While you may choose to deal with your debt in your own way, some people do not know or understand all of the options available when it comes to paying off and getting rid of debt. In this article, we will dive into two concepts that can make your journey towards financial stability both possible and accessible: debt consolidation and mortgage refinancing.

What is Debt Consolidation?

Debt consolidation involves combining multiple loans into one. If your credit card carries a high-interest rate, it may be beneficial to transfer the balance to an existing line of credit or to consolidate the loan by refinancing your mortgage. The benefits of debt consolidation include having only one monthly payment to worry about and, depending on the debt you carry, paying less than before. A mortgage lender can help you determine if debt consolidation is a good option for you.

What is Mortgage Refinancing?

Refinancing is different than mortgage renewal. Refinancing essentially allows you to replace your current mortgage or loan with a new one under different terms. Individuals may choose to refinance in order to change mortgage lenders, access lower interest rates, shorten the loan term, or consolidate debt. When making any decisions regarding changes to your mortgage, you should seek advice from a professional mortgage investment corporation to help you understand the pros and cons of your unique situation.

Consolidation Through Refinancing

Refinancing your mortgage as a means of consolidating loans allows you to replace high-interest debt with low-interest debt. Mortgages typically have significantly lower interest rates than credit cards and other typical consumer debt. Tapping into the equity built up in your home can potentially free up hundreds of dollars in cash flow each month and save you from high and unnecessary payments. Even though your total mortgage will increase, your ability to pay off debt faster will also be enhanced.

If you choose to consolidate your debt through mortgage refinancing, you should be prepared to avoid racking up additional debt on your credit cards once the balance is paid off. Debt consolidation can help you get out of debt faster, but it shouldn’t be a catalyst for spending even more down the road.

Advantages of Refinancing to Pay Off Debt

1.Lower Interest Rates

Take advantage of the low-interest rates offered by your mortgage investment corporation or another mortgage lender. Paying less in interest each month can help you pay off debt faster.

2. Fixed Interest Rates

When you enter into a mortgage contract, you may choose to select a fixed-rate loan. While credit card companies can increase interest rates at any time, locking in to a fixed-rate mortgage will allow you to set a consistent budget for debt repayment and eliminate any future surprises.

3. One Monthly Payment

Taking care of only one monthly payment will significantly simplify your monthly financial obligations. Having several monthly payments can make it easy to forget or miss one, which can impact your credit score. Keep it simple with a single amount you won’t easily forget.

4. Lower Monthly Payment

Not only will your debt be consolidated into one overall payment, but it could also end up being a significantly lower amount. The remainder left between what you were previously paying and your new monthly payment could mean an extra few hundred dollars each month. You may choose to pocket this residual cash, invest it, put it towards your mortgage, or keep it in a savings account.

5. Improve Your Credit Score

When you refinance your mortgage to consolidate your debt, your mortgage will increase slightly while your credit card will be paid down to zero. The Canadian credit bureau highly favours loan payment in full. As a result, your credit score, whether good or bad, will show significant improvement.

Tips From a Mortgage Investment Corporation

While debt consolidation and mortgage refinancing may be excellent options for some people, they may not make sense for everyone. Be sure to discuss your options with your bank, broker, or mortgage investment corporation. A professional can help evaluate the long-term advantages and disadvantages of these changes. They will encourage you to consider any fees associated with the transaction, whether or not you should consolidate all debts or just a few, how long you plan to stay in the home you are currently in, and how current interest rates are forecasted to rise or fall based on the ever-changing economic climate.

Whether you’re looking to consolidate your debt, refinance your mortgage or apply for a new mortgage, 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.

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.

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.

We applaud all entrepreneurs but recognize that there are some unique challenges that come with the territory. One such obstacle is applying for a mortgage. When you’re a self-employed business owner, it can be difficult to apply and receive approval for a substantial loan like a mortgage. Whether for your home or business, here’s how to streamline the process of securing a mortgage when you’re self-employed.

Keep a Financial History

Much of your eligibility for a mortgage application relied on you, as a business owner, being proactive. In order to avoid unnecessary difficulties, it’s essential to keep up-to-date with all of your financial records. A mortgage lender will likely want to see at least your past two years of tax returns. Keep in mind that banks place greater stipulations on self-employed business owners than alternative mortgage lenders.

Pay Your Taxes

If you’re self-employed, it’s probably a good idea to hire an accountant to help you keep up to date and on top of your tax returns. Be sure to file your taxes before the deadline in case you owe any additional taxes. Falling behind may affect your ability to qualify, but an alternative mortgage lender may be able to approve your application regardless.

Incorporate Your Business

If your business is a sole-proprietorship or an unincorporated business, incorporating may help your cause. By becoming an employee of your company with a steady salary, mortgage investment corporations may be more confident supplying you with a loan.

Rely on an Alternative Mortgage Lender

Alternative mortgage lenders and mortgage investment corporations specialize in securing loans for individuals that don’t qualify through the banks. If your business is in the beginning stages, or you need to relocate so that your company can really take off, mortgaging a house or a business property may be an essential part of your business growth and development. An alternative mortgage lender will take the time to understand your unique needs and challenges and provide you with a product that fits within your budget and satisfies your requirements. When it comes to mortgages for self-employed business owners, families that are new to Canada, or first-time home buyers, an alternative mortgage lender is the best choice.

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.

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.