Low Income No Income Loans
Do You Qualify for a Low Income or No Income Loan?
You’ve been searching for a mortgage, but it’s easier said than done. Banks and other lenders impose stringent requirements, so on top of being tired of jumping through hoops to prove your eligibility, you’re getting fed up with being turned down. Fortunately, Alexa Capital Corp. offers a low income or a no income loan option that might help you deal with the situation.
What Are Low Income and No Income Loans?
If you find yourself in the above situation and you own your own home, Alexa Capital has a low income or no income mortgage option available for you. We have access to private lenders that can provide you with a mortgage using the equity in your home, even if you don’t have proof of income. So, how are you supposed to pay back the loan? Well, we can provide you with an interest only loan to keep your monthly repayment low or you may qualify to have the first year of your mortgage prepaid with your mortgage proceeds.
Are There Low Income Loans for Me?
Low-income lending can help people in a range of circumstances.
Examples of borrowers that might fit this situation
A self-employed head of a household might need a loan to increase their borrowing power after starting a new business. This type of mortgage loan may be effective at helping people gain access to lending that they can use to improve their financial stability before moving on to greater things.
- You have not filed your income taxes or owe CRA money
- Going to school or retraining for a new job
- Injured (car accident, work related accident)
Without proof of income, you may find it difficult to find a loan. Alexa Capital has no income requirement to qualify for a mortgage. We don’t ask for tax returns from the previous years either.
- Working part-time
- On disability
Perhaps you are earning an income, but it’s just not enough according to bank standards. Not to worry, you may still qualify for a mortgage with Alexa Capital as income is not a qualification factor.
The federal government is continually refining its stance on equity mortgage regulations. As qualification goalposts shift, the availability of equity lending will too. In the long run, private investment lending that doesn’t require income verification may be the simplest way for many Canadians to get funding for home purchases and other big-ticket items.
Low Income and No Income Loans in a Changing Landscape
The way people obtain lending is evolving, and the services that provide financial assistance need to keep up. Luckily for Canadians who want to invest in their futures, private lenders are changing the dynamics of the lending experience with new ideas and proven techniques from the private sector.
Could a low income or no income loan be right for you? While the chances are good that you can benefit if you meet some basic requirements, the only way to know for sure is to talk to an investment professional. Broaden your lending horizons by chatting with Alexa Capital Corp. today.