NPX
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Alternative Lenders
- Sep. 9, 2024 NPX
- Sep. 9, 2024 Home Trust
- Sep. 9, 2024 Haventree Bank
- Sep. 9, 2024 Community Trust
- Sep. 9, 2024 Bridgewater Bank
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Big Banks
- Sep. 9, 2024 TD Canada Trust
- Sep. 9, 2024 Scotiabank
- Sep. 9, 2024 RBC
- Sep. 9, 2024 CIBC
- Sep. 9, 2024 BMO
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Credit Unions
- Sep. 9, 2024 Meridian
- Sep. 9, 2024 FirstOntario Credit Union
- Sep. 9, 2024 DUCA Credit Union
- Sep. 9, 2024 Desjardins
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Monolines
- Sep. 9, 2024 Strive Capital
- Sep. 9, 2024 RMG Mortgages
- Sep. 9, 2024 RFA
- Sep. 9, 2024 MERIX Financial
- Sep. 9, 2024 MCAP
- Sep. 9, 2024 Marathon Mortgage Corp
- Sep. 9, 2024 First National
- Sep. 9, 2024 CMLS Financial
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Other Banks
- Sep. 9, 2024 B2B Bank
- Sep. 9, 2024 CWB Optimum
- Sep. 9, 2024 Equitable Bank
- Sep. 9, 2024 Manulife Bank
Review of NPX Mortgages
NPX (a product of MERIX Financial) is a solution-based, full-suite alternative product that meets the needs of those who are self-employed, those with non-traditional incomes, or with a blemish on their credit score.
NPX focuses on borrowers that need more taken into account than just credit. They offer flexible debt ratios and no stress test requirements. Their programs, including their bank statement program and rental program, also provide alternatives for those who do not meet traditional lending criteria.
Ideal Client
NPX is ideal for individuals with bruised credit, investors, self-employed professionals, and business owners who need more flexible mortgage options and an easier approval process. Despite the potential downsides of lender fees and potentially high penalties, NPX offers valuable solutions for clients who might not qualify with traditional lenders.
Special Features:
NPX offers several features for borrowers looking for flexible mortgage options. They provide flexible debt ratios, making it easier for individuals with varying financial situations to qualify. Their bank statement program is designed for self-employed clients, allowing them to use bank statements as proof of income. Additionally, the rental program caters to those investing in rental properties, and notably, there is no stress test required, which can simplify the approval process. While these features can be beneficial, it's important for clients to weigh the pros and cons to make the best decision for their needs.
Downsides:
When considering this lender, it's important to be aware of some potential downsides. They may charge a lender fee, and you won't find any banking services available, which could be a drawback to some. Additionally, their prepayment penalties can be higher than some other lenders, and their lending area is somewhat limited. With no physical branches to visit, you’ll need to conduct your dealings online, which might not suit everyone. Lastly, be prepared for a paperwork-intensive application process, which can be a bit tedious. Understanding these factors can help you make a more informed mortgage decision.
Best Suited For:
Explore More:
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Alternative Lenders
- Sep. 9, 2024 NPX
- Sep. 9, 2024 Home Trust
- Sep. 9, 2024 Haventree Bank
- Sep. 9, 2024 Community Trust
- Sep. 9, 2024 Bridgewater Bank
-
Big Banks
- Sep. 9, 2024 TD Canada Trust
- Sep. 9, 2024 Scotiabank
- Sep. 9, 2024 RBC
- Sep. 9, 2024 CIBC
- Sep. 9, 2024 BMO
-
Credit Unions
- Sep. 9, 2024 Meridian
- Sep. 9, 2024 FirstOntario Credit Union
- Sep. 9, 2024 DUCA Credit Union
- Sep. 9, 2024 Desjardins
-
Monolines
- Sep. 9, 2024 Strive Capital
- Sep. 9, 2024 RMG Mortgages
- Sep. 9, 2024 RFA
- Sep. 9, 2024 MERIX Financial
- Sep. 9, 2024 MCAP
- Sep. 9, 2024 Marathon Mortgage Corp
- Sep. 9, 2024 First National
- Sep. 9, 2024 CMLS Financial
-
Other Banks
- Sep. 9, 2024 B2B Bank
- Sep. 9, 2024 CWB Optimum
- Sep. 9, 2024 Equitable Bank
- Sep. 9, 2024 Manulife Bank