Alta West Capital's Nomination

We are proud to announce that Alta West Capital has been selected as a finalist for the Private Lender of the Year award.

For over 29 years, Alta West Capital has been striving towards being a leader in the Alternative Lending space. This is a great recognition of our commitment to providing a comprehensive suite of products and services for our industry partners. We are truly thankful for your continued support.

Congratulations to all the 2020 nominees!

Putting Canadians into Homes

Alta West Capital (AWC) is a dynamic Alternative Lender lending in Alberta, British Columbia, and Ontario. We have a 29-year history in serving Canadians by providing mortgage financing for those that fall outside of conventional banking guidelines, providing investments for financial independence, and performing philanthropic work in Canada and abroad. We take pride in providing alternative financing that puts Canadians in their homes. We do this by providing our broker partners the products, resources, transparency, and underwriting consistency that they require to do what they do best.

Whether you’re a mortgage professional, an investor or a client looking to borrow, the Alta West team has the experience and knowledge to provide a solution that fits your needs.

Helping the Everyday Entrepreneur

At Alta West Capital, half of our team of thirty are either first or second-generation Canadians. With staff born in countries as varied as Egypt, Cambodia, China and Argentina, amongst others, there are eleven languages spoken in our office. Naturally, we love lending to new Canadians, helping people like ourselves thrive and excel as they become part of the Canadian landscape.

Hand in hand with new Canadians, are those who make a living for themselves. The self-employed are an underserved segment of the Canadian housing market and another population we love helping in their dream of home-ownership. We really do appreciate helping the everyday entrepreneur.

New Canadians and the self-employed, these are two of our largest market segments and in our experience, very rewarding people to work with.

Our investor base are predominantly Mom and Pop family investors, saving for their retirement dreams. Investors are often an overlooked demographic of Private Lending and one that we are proud to serve. Mortgage Investment Corporations (MIC’s) were created back in 1973 as a vehicle to allow everyday Canadians to participate in mortgage investments, and to profit, just like the big banks. We’re proud to do our little part to provide this important option to Canadian investors.

Our People-first Approach

Taking feedback from our broker partners, we continue to update and expand our suite of products as well as improve our service to provide the best overall solution we can. Our experienced team operates on the philosophy of “making it happen, not letting it happen”. Find as many ways as you can to remove the obstacles to success for the client, the broker and the investor.

The broker community has long known us for our fast and efficient underwriting and our “do what we say we’ll do” service. We are continually seeking to innovate and grow by adopting technology to further improve our processes, evolving to equip our team with the tools they need to improve efficiency in our application submission, underwriting and funding process.

But it can’t just be technology for technology sake.

The key to successfully integrating software, software that actually makes a difference, is to have a “people-first” approach.

When evaluating a new piece of software, we ask some simple questions. How will this help us provide better service to our brokers and their clients? What efficiencies will this bring? How will this make life easier for our staff, our brokers, our clients and our investors? The benefits of this approach were recently highlighted with the outbreak of Covid-19.

Thrive, Not Survive

When Covid-19 broke, our mantra was “thrive, not survive”. We didn’t want our staff living with a “survival mentality”, we wanted them to thrive and to come out the other side of the pandemic along with the company, it’s brokers and clients, in a better place than before.

Our strategy and success caught the eye of our technology provider, Salesforce, who were impressed enough to outline our success in this blog, now available on the Salesforce website. We are very proud of being recognized for this achievement.

Alta West Capital has made a considerable investment in technology, but not all new technology is to simply to create efficiencies, it must also protect customer information. In the mortgage industry we handle a lot of sensitive data and it’s our responsibility to ensure that the technology we implement is as safe as it is efficient. Every software implementation is made with security in mind to ensure that our client’s data is handled properly and is well protected.

We take a people-first approach with cybersecurity and managing data, if it's important to them, it's important to us.

The Path to Homeownership

Our company, full of immigrants, has found pride in providing new Canadians with homes. We have extended our vision to help even more people in to homes outside of Canada. We realize the importance of giving back, not only to our community but to those less fortunate in some of the poorest parts of the world.

For the past couple of years, Alta West has partnered up with Shelter Canada and recruited a team of volunteers to travel to El Salvador to change the lives of people far less fortunate than us. We wanted to extend our ability to provide safe housing beyond our borders, in some of the poorest communities, in Central America. In addition to raising tens of thousands of dollars in donations, we have sent teams of staff to El Salvador, who with the aid of other volunteers, working in tandem with local leaders, have helped build over 500 homes for some of the world’s poorest people.

However, this year with Covid-19, and with the inability to travel south to build homes, we changed our focus and have given back to our local community by donating to the Calgary Food Bank. We hope to be back in El Salvador in 2021.

We love what we do. For some Canadians, we are the path to homeownership, for others the path to financial independence. Alta West Capital has a great, dedicated team, who enjoy what they do. We are very thankful for the opportunity to be considered for this award and would like to thank those who nominated Alta West Capital as well as the Mortgage Award of Excellence committee for considering our nomination.

In today’s housing climate, mortgage pre-approval is a key element of the house-buying process. More and more individuals and families are choosing to be pre-approved as a way to help plan for and evaluate the burden of owning a house and having a monthly mortgage payment. But what is pre-approval exactly?

What is Mortgage Pre-Approval?

In order to understand the importance of mortgage pre-approval, it’s first essential to have an understanding of what it is. You can apply for mortgage pre-approval with any mortgage broker or lender, including a bank, private mortgage lender, or mortgage investment corporation. Pre-approval will let you know the maximum amount you can afford for a home and will thus give you an idea of viable options on the market. Getting pre-approved for a mortgage will also unfold what your monthly mortgage payment will be based on your maximum purchase price. This information is crucial; many first-time home buyers focus strictly on the amount of the down payment but forget about working the mortgage payment, utility bills, and property taxes into their monthly budget. Pre-approval is one way for people to understand and evaluate the costs, risks, and benefits of owning a home prior to taking the plunge.

Why Is Pre-Approval Important?

If you’re the type of person who is more likely to throw caution to the wind, or preparedness just isn’t your strong suit, you should know there are several additional benefits to applying for mortgage pre-approval.

1. Saves Time

Receiving pre-approval from a mortgage lender can save you time spent looking at houses outside of your price range or trying to work out a budget based on hypothetical numbers. While pre-approval does not guarantee you will receive formal approval for your mortgage, it’s still useful information to have.

2. Locks-In Rates

Something that many individuals do not realize is that applying for mortgage-pre-approval protects you from increases in rates that may occur while you search for a new home. While you are not obligated to proceed with a particular lender, the mortgage lender you do choose is obligated to honour the rate given under your pre-approval for at least 120 days.

3. Shows Commitment

Mortgage pre-approval with a mortgage investment corporation or a bank indicates to home sellers and real estate agents that you are serious about buying. Realtors may be inclined to provide more attentive service and sellers may be more willing to negotiate, knowing how serious you are about proceeding.

4. It’s Free!

There can be a lot of hidden or extra costs surrounding buying a house, but applying for mortgage pre-approval is not of them. There are virtually no risks, meaning you have no reason not to get pre-approved!

How to Get Pre-Approved

While the company that you choose to get pre-approval from does not necessarily need to be the same company that you eventually choose for your mortgage, it’s a good idea to begin the process by looking for mortgage lenders you can trust. Keep in mind that banks may be able to offer better rates, but are also more difficult to receive approval from; when you apply for a mortgage with a bank, you are obligated to undergo a federal stress test. A private mortgage lender or a mortgage investment corporation does not have to follow all of the same requirements. You can check out this blog for more information on choosing the mortgage lender that’s right for you.

As you sit down with a mortgage broker or lender, they will likely ask you a series of questions surrounding 3 main factors:

Credit Score
Down Payment
Debt-Service Ratio

With a decent credit score, a healthy downpayment, and a balanced debt-service ratio, you should be able to qualify for the mortgage of your choice. If any of these factors are not where they should be, a mortgage investment corporation may still pre-approve your mortgage.

Tips From a Mortgage Investment Corporation

A mortgage investment corporation specializes in helping individuals with poor credit, low savings, or experiencing other dis-advantages, (such as self-employed business owners, families that are new to Canada, or first-time homebuyers) access the loan they need to move forward with the purchase of the house. While MICs may be more forgiving or less strict about some aspects of applying for a mortgage, there are still some things that you can do to help the process run more smoothly.

Don’t Spend the Maximum

Just because you received approval for a $400,000 mortgage does not mean you should spend that much. If you are approved for $400,000, you may want to consider looking at homes with listing prices closer to $350,000.

Pay Off Debt

Before applying for a mortgage, or even pre-approval of a mortgage, it might be a good idea to pay off some of your debt. If you are carrying a large balance on your credit card or you have an outstanding student loan, focusing a portion of your income towards minimizing the amount of total debt you have could help in the mortgage lending process.

Get a Second Opinion

Second opinions can not only help you find the best deals but also give you confidence that you’re on the right track. Keep in mind that a pre-approval does not mean you’re stuck with one lender — feel free to shop around!

Mortgage pre-approval is essential to the house-buying process, and it’s not scary or intimidating. Simply find a mortgage lender you can trust and start the process today!

When you’re looking to borrow, 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.

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.

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.

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.

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.

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.

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.