I received letters from both Exceed and GMAC that they are not renewing anymore. Are there other B lenders out there? I never missed payments, have over 700 in credit score but may not be approved anymore by banks or CMHC because of a few properties in our name. I have at least 25% equity on both properties and are both rented right now. If you're in similar situation in the past, would you please give me suggestions as I still want to keep the properties if I could?
Other B lenders out there?
- Thread starter Archie
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Talk to a competent mortgage broker, one who understand investors, and you will likely have no problem refinancing a 75% LTV mortgage.
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Yes, there are other alternative lenders out there. If you've got equity in the property and a good credit score, there are other lenders that have come to the table with very decent programs. The availability will depend on the region you live in, but Home Trust and Optimum are 2 lenders that I have used.
In the last few months, several lenders have expanded their programs to allow rental properties on a 'stated' income basis. And the rates and fees are very reasonable, probably better than what you were paying through Accredited and GMAC.
If you give me a call or email with some more details, I'd be happy to assist you.
In the last few months, several lenders have expanded their programs to allow rental properties on a 'stated' income basis. And the rates and fees are very reasonable, probably better than what you were paying through Accredited and GMAC.
If you give me a call or email with some more details, I'd be happy to assist you.