At Velocity Mortgages, we offer both traditional mortgage options and private lending solutions to meet a wide range of financial needs. Traditional mortgages are ideal for borrowers with strong credit histories and consistent incomes, providing long-term stability and competitive rates. For those facing challenges with standard bank requirements, such as limited credit history, foreign income, or self-employment, our private loans offer a flexible and viable alternative. These options ensure that all our clients can find the right financial solution to meet their goals.
Self Employed
Banks typically require a two-year employment history to verify steady income, which can be problematic for self-employed individuals whose earnings may be irregular or fluctuate, particularly for those earning through commissions or tips. This requirement often makes obtaining a mortgage more challenging for the self-employed.
Foreign Income
Borrowers with foreign income often face difficulties qualifying for a mortgage due to non-verifiable earnings and high down payment requirements from traditional banks. Velocity Mortgages offers more flexible solutions that accommodate various income sources, making it easier for you to secure financing with less stringent conditions.
New Immigrants
New immigrants often struggle to secure mortgages due to a lack of Canadian credit and employment history, as credit bureaus like Equifax and TransUnion only track data within Canada and the US. Velocity Mortgages understands these unique hurdles and provides flexible lending options that help newcomers start their financial journey in Canada more easily.
