Street Capital Grande Prairie Mortgages
As a Grande Prairie mortgage broker, we don’t issue mortgages ourselves. Instead, we shop a variety of lenders for the best loan terms for our clients. We can help you find lenders who issue rare loans like those to buy a rural cabin, acreage or a mobile home. Street Capital is one of our biggest partners in this process.
Street Capital offers purchase plus improvement loans. These are the ideal loans for buying the “almost-your-dream-home” or official fixer-uppers. These loans let you buy the property and receive cash to pay for repairs or renovations. The improvement loan has to be less than 20% of the improved value of the home and maxes out at $40,000. If the fixed up home will be worth far more than it is worth today, Street Capital is willing to give a little leeway and authorize a little more.
Street Capital is unusual in offering mortgages to people new to Canada. Call us to understand the qualifying criteria for this program. We’re here and ready to help. Street Capital lends in Grande Prairie and offers the lowest mortgage rates for top lending partners Whalen Mortgages Grande Prairie.
Street Capital offers conventional mortgages and high ratio. You could secure a mortgage for both your new personal residence and commercial building with them. Street Capital has a number of points in its favor if you’re a business owner. For example, they offer stated income programs for the self-employed. You could take out a mortgage for up to 90% of the value of the property with 5% down, and they’ll let another 5% be gifted to you. This program does require personal income tax returns and business financial reports to demonstrate your income. You do have to have been self-employed for at least two years to be eligible for this income, and income and debt to income ratio restrictions still apply.
If you don’t have that documentation, you would be allowed to take out a mortgage with up to a 65% loan to value ratio uninsured. The 35% down payment in this case must be from your own resources; you can’t take out a secondary loan or receive cash gifts to make the down payment. If you want the uninsured option, you’ll also have to demonstrate that you’ve saved up six months of interest, principle and tax payments. Before you think that this is overkill, note that most other lenders wouldn’t offer a mortgage to the self-employed in this situation at all. Most lenders consider the risk too great.
Street Capital has a flex down loan to let you borrow your down payment. If you already have a flex-down loan with another lender, you’re considered eligible for a Street Capital mortgage with the right credit score.
Street Capital has an easy to use online portal to check your loan balance, change your prepayment frequency or increase your payments.
There are a number of other benefits to working with Street Capital.
- Annual 20% lump sum prepayment option, applied directly to the principal balance
- An annual 20% payment increase; you can increase your payment from $2000 to $2400 and the increased payment goes directly to the principal balance
- Interest rates held for 120 days in all cases
Street Capital doesn’t have posted interest rates because they have such flexibility in their loan terms and take on such a diverse array of clients. Call Grande Prairies top mortgage brokers at Whalen Mortgages Grande Prairie today 780-357-3993 or apply online!