A "no" from one bank is not a "no" from the market. We shop the rest.
A mortgage variation takes a few weeks to put in place, not days. The sooner we understand your situation, the sooner the right consolidation, refinance, or new mortgage can actually start working for you.
Checking your options takes about 60 seconds. A licensed Ontario broker reviews your situation and comes back with the lenders that actually fit. Calm, in writing, no pressure.
Pretty much anything secured by your home. Refinances, debt consolidation, renewals, 2nd mortgages, HELOCs and equity take-outs. Mortgages for self-employed borrowers and mortgages for clients with bruised credit. One licensed Ontario broker and one quick call covers all of them. We figure out which one fits your situation.
Yes. Banks lean heavily on credit scores. The B-lenders, sub-prime lenders, alt lenders and private MICs in our network look at the full picture, especially your equity and ability to make the new payment. Past consumer proposal, missed payments, even recent bankruptcies can be worked with. Many of our clients were turned down at a bank and still funded through one of these alt-tier lenders.
Yes. We specialize in no-income-verification programs for self-employed homeowners, contractors and people with non-traditional income. These lenders underwrite on home equity and cash flow, not T4s or notices of assessment. Ideal for business owners, freelancers and anyone whose income story doesn't fit a bank's spreadsheet.
We refinance your existing mortgage to pay off your high-interest debts (credit cards, car loans, lines of credit) and roll them into a single lower-rate mortgage payment. Credit card interest at 19.99% becomes mortgage interest closer to 5%. One payment instead of five. Most clients see their total monthly outflow drop by several hundred dollars on day one.
Most clients have a conditional approval within 24 hours. Full funding (appraisal, lawyer, paperwork) typically takes 2 to 4 weeks. We handle the lender coordination so you're not chasing five different inboxes.
Not necessarily. A real offer from a competing lender often gives us the leverage to bring your current bank's number down. Many clients stay where they are, with terms they would never have been offered on their own. Either way, you only move forward when the numbers and the lender make sense to you.
Lighthouse is a licensed Ontario mortgage brokerage (FSRA Lic. #13301). A bank can only sell its own products. We compare dozens of lenders, including major banks, credit unions, trust companies and alternative lenders, to find the one that fits your file. For most clients our service is free because the lender pays the broker fee. If a fee ever applies to you, it's disclosed in writing 2 business days before signing.
In Canada, mortgage lenders sit in tiers. A-lenders are the big banks and major credit unions. They offer the lowest rates but the strictest credit and income rules, so they say no to a lot of self-employed and bruised-credit applicants. B-lenders (also called sub-prime or alt lenders) are regulated trust companies and second-tier banks like Equitable, Home Trust, MCAP and CMLS. They underwrite on the full picture, not the credit score, and accept self-employed income, recent bruises and higher debt ratios. Private lenders and MICs (Mortgage Investment Corporations) are the next step beyond that, for short-term bridge situations, very low credit, or unusual properties. Rates rise as you move down the tiers, but so does what's possible. We sit across all three so we can match you to the right tier on the first call.
