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What Is Alternative Lending? Alt-A Lending.

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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.
  1. Self Employed
  2. Employed With Lower Income
  3. Employed With Bruised Credit
  4. 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.

WikiMortgage

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