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Private and Equity 1st and 2nd Mortgages
These are mortgages based on your equity and have very relaxed criteria compared to bank mortgages. Typically, the main criteria is an appraisal confirming the market value of the property. However, some due diligence does take place, but nowhere as restricted as to A and B lenders.
Refinance and Renewal Mortgages
This is when you typically change the terms of the original mortgage. The most common method is borrowing more money and/ or increasing the amortization. You can either go with your existing lender, or go elsewhere to find a much better deal.
Low-rate and bank-type mortgages (A-lenders)
The maximum lenders will allow your income to go is 44%. Again, if your income is $100.00, the maximum lenders will let you use is $44.00 to pay for your mortgage + shelter costs and credit. Even if you feel that you can afford $45.00 a month.
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