Different Types of Mortgages
Each type of mortgage serves a specific purpose and is tailored to meet the unique needs of borrowers in different financial situations. As a mortgage broker, I can help you navigate the complexities of these mortgage types and find the best solution for your specific needs.
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Self Employed Mortgages: Self-employed individuals often face unique challenges when applying for a mortgage due to fluctuating income and unconventional documentation. Self-employed mortgages are designed to accommodate these challenges by offering flexible income verification options and tailored lending solutions.
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Commission Income Mortgages: For individuals whose income is primarily derived from commissions, securing a mortgage can be more complex. Commission income mortgages consider the variable nature of commission earnings and may require additional documentation or a different approach to income verification.
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Alternative (B-Lending) Mortgages: Alternative or B-lending mortgages are designed for borrowers who may not qualify for traditional mortgage financing due to credit issues or non-traditional income sources. These mortgages often have higher interest rates and fees but can provide a viable option for borrowers who do not meet conventional lending criteria.
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Private Mortgages: Private mortgages are loans provided by private lenders, rather than traditional financial institutions. They are often used by borrowers who do not qualify for a conventional mortgage or who need quick financing. Private mortgages typically have higher interest rates and may require less stringent credit and income criteria.
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Builder Completion Mortgages: Builder completion mortgages are used to finance the completion of a new construction home that is being built by a developer or builder. These mortgages are structured differently from traditional mortgages and often involve different timelines and requirements to accommodate the construction process.