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Why Are Home Buyer's Turning to Alternative Lenders?


According to a recent article more home buyers are turning to alternative lenders as the big banks keep tightening the rules on their mortgages. Some of this is self tightening and some is due to Government changes and restrictions. 
As a broker I have access to bank, credit unions and alternative lenders. So for some unbiased advice on which would be the most appropriate route and lender to use please feel free to reach out to me at anytime. 

Here's the article below:

"A higher number of homebuyers are turning to alternative lenders as the big banks have tightened restrictions on mortgages. Analysis from CIBC World Markets using StatsCan data shows a 25 per cent growth in the subprime market compared to 4 per cent in the whole mortgage market. The percentage of loans held by alternative lenders is still small though at 2.2 per cent of all mortgages and is not considered large enough to be a risk to the housing market from defaults."


Tony Marchigiano 1-155 Water Street
Mortgage Broker Vancouver, BC

cell: 604 505 7109
fax: 604 909 4666


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