Community Trust

Alternative Lenders
Written By David Pipe
 

Review of Community Trust Mortgages

A privately held Canadian company in operation since 1975, Community Trust offers a wide range of financial and trustee services to individuals and corporate entities across Canada.

Community Trust provides flexible, customized mortgage solutions to meet the diverse needs of their clients, especially those who may not qualify for traditional bank mortgages, such as people who have bruised credit or are self-employed through their bank statement program and flexible debt ratios.

 
Community Trust

Today’s Lowest Rates from Community Trust

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Ideal Client

Community Trust is ideal for self-employed individuals and those with bruised credit, offering higher debt ratio acceptance despite the potential downsides of lender fees and potentially high penalties.

 

Special Features:

Loan Services (HELOC)

Rental Program

 

Community Trust offers a range of mortgage products designed to meet diverse needs. They provide Home Equity Lines of Credit (HELOC) for those looking to tap into their home's equity, along with flexible debt ratios that can accommodate various financial situations. Their bank statement program is ideal for self-employed individuals who may not have traditional income proof, while the rental program supports those investing in rental properties. It's important to weigh the positives and potential downsides so you can make an informed decision that suits your financial goals.

 

Downsides:

No Banking Services

High Penalties

Geographic Limitation

Paperwork Intensive

No Physical Branches

 

When considering this mortgage lender, it's important to be aware of a few downsides. They may charge a potential lender fee, and unlike traditional banks, they don't offer banking services or have physical branches, which could be inconvenient for some clients. Additionally, their prepayment penalties are higher than some competitors, and their lending area is limited. Lastly, the application process can be paperwork-intensive, which might require patience. Being informed about these factors can help you make the best decision for your mortgage needs.

 

Best Suited For:

 

Bruised Credit

Self-Employed

 
 
 
 
 
David Pipe

David Pipe helps business owners, investors, and first-time homebuyers build and protect family wealth with creative financing and tax-efficient life insurance solutions. He is an award-winning mortgage agent and life insurance agent in Ontario. David believes education in personal finance and seeking great advice is the best way to reach our financial goals, and he is focused on sharing his knowledge with others. He lives in Guelph, Ontario with his wife Kate Pipe and their triplets (and english bulldog Myrtle).

https://www.wealthtrack.ca/about#about-david-pipe
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