This beginner’s guide will outline what Triple-A lending is.
It goes by many names:
- Prime lending
- Bank lending (even though bank branches outsource B lending to external companies)
- Triple A
- AAA lending
Whichever name you choose the result is the same – Low rate, no mortgage fees, and a beautiful 5-year fixed rate (usually).
See also: Triple-A Mortgage On Closing.
Unfortunately, to get the best rate on your mortgage it takes all the information you have. Your income, down payment source, and credit score.
These factors all combine to create your affordability for the mortgage.
Furthermore, rules around Prime Lending affordability are the most stringent in the industry. This means, your debt-service ratios must fit within the guidelines.
Additionally, with this type of mortgage, you can put down as little as 5% on your purchase, and involve a mortgage default insurer.
When it comes to Your Mortgage Path, make sure you know what you are applying for. Triple-A lending is not out of reach, but often clients need the home or money they are applying for. At Mortgage Suite we review all options with you and help you understand what you are obtaining. Give a Licensed Agent/Broker a call today!
