Concentra Bank will be closed on September 30 for the National Day for Truth and Reconciliation. Read More

Please note that Concentra Bank and Concentra Trust will be closed on Thursday, September 30 for the National Day for Truth and Reconciliation, a day to commemorate the tragic legacy of residential schools in Canada. The National Day for Truth and Reconciliation will be observed as a statutory holiday for employees in federally regulated workplaces, which applies to Concentra.

We will reopen on Friday, October 1, 2021.

Unique solutions for non-traditional mortgages
May 18, 2021

Unique solutions for non-traditional mortgages

Whether you’re new to Canada, you’re rebuilding your credit, you’re investing in another property, or you’re self-employed, we have experience with alternative mortgages.

Self-employed mortgages

If you’re self-employed or an aspiring entrepreneur, you may find it difficult obtaining a mortgage—fortunately, we can help. Instead of just basing decisions on your reported taxable income, we look at your own unique situation. We factor in your bank statements and credit score to get a 360 view of your earnings. With a detailed understanding of your finances, we can provide advice on the right mortgage plan that will enable you to finance your new home or help you transfer your mortgage to Concentra from your current lender.

We offer

Great rates, expertise, guidance and an easy-to-understand process. Our Mobile Mortgage Specialists (MMS) will work around your schedule to meet you whenever and however you’d like. Together, we’ll build a plan specific to your needs.

You'll need

Supporting documentation to confirm income verification and property information. Contact one of our MMS to see if additional documents are required so we can structure a mortgage that is right for you.

Newcomer mortgages

If you’re new to Canada, you may be overwhelmed by the mortgage approval process. Understanding mortgage requirements can be a headache to navigate. Luckily, Concentra’s dedicated Mobile Mortgage Specialists can help guide you through any stage of the home-buying process. We offer unique solutions to those who have immigrated to Canada within the last five years, have obtained permanent residence or have limited credit history.

We offer new Canadians

Experience, confidence and empathy, so you understand each step and level-set expectations. Our MMS take the stress out of the process, keep you informed in real time and will be there for you every step of the way.

You'll need

Supporting documentation such as credit information, income verification and property details. If you have limited credit history, our MMS can look at credit information from other non-traditional sources.

Second home, investment property and rental property mortgages

Whether it’s a vacation home or rental property, buying a second home requires a bit of forethought. From understanding the tax implications for rental property income and knowing what expenses you’re able to write off, to the family estate planning, there are a lot of things to consider prior to making this investment. Our MMS can help determine the most cost-effective and efficient way to finance additional properties while paying off existing ones.

We offer

A minimal increase in rental rates and less requirements on a down payment for larger mortgage amounts. Our MMS offer transparency, guidance and an easy-to-understand process, and they will work around your schedule to meet you whenever and however you’d like.

You'll need

Supporting documentation to confirm income, credit and property verification/information. Required documents vary based on each borrower’s situation, so our MMS will let you know if additional details are needed.

Connect with a specialist

If your credit score is less than 680, GDS/TDS ratios are extended and you have non-traditional income verification methods, our MMS can help you find the best non-traditional/alt-a mortgage plan for your situation. If you need help understanding the difference between mortgage options, we can help with that too. Our goal is to remove the confusion by walking you through every step of the process and helping you achieve your mortgage plan.

Contact one of our Mobile Mortgage Specialists.

The content of this article is provided for general information purposes only. It is not intended to be specific advice regarding legal, accounting, financial, or tax matters on which you should rely. You must obtain more specific or professional advice before taking, or refraining from, any action or inaction on the basis of the content in this article. We accept no liability for any loss or damages arising out of your use or reliance of the information in this article, including liability towards third parties.

© Concentra Bank, 2021
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