Alt-A Lending is what we call it in the industry. It’s also a Borrower Type as an Alt-A Lender will naturally lend to an Alt-A Borrower.
There are usually Mortgage Fees associated with this type of lending. Alt-A closing costs will show you what it looks like to close with this type of lending.
Triple-A lenders usually have an Alt-A lending side. Meaning if you don’t fit their Triple-A lending criteria, they can entertain your file on the alternative side. This is not the same as Alternative Mortgage Solutions offered by banks.
Alt-A is similar to B Lending, but credit and overall character differ when you get approved for an Alt-A file. Generally, your credit score tends to be higher and has fewer blemishes.
Alt-A fees tend to be similar to B lending on closing but oftentimes are less as there is less work load achieving an approval.
There are 4 types of Alt-A lending reviewed by Alt-A Lenders.
- Self Employed
- Employed With Lower Income
- Employed With Bruised Credit
- Investment Property
Not all mortgages come with fees. Always make sure you talk to your Mortgage Suite Mortgage Broker/Agent before making any decisions about your mortgage.
