Who is PrimeWest?
PrimeWest Mortgage Investment Corporation is a Saskatchewan based company that offers residential and commercial mortgages to people who do not qualify with banks or other "traditional" lending institutions. We offer short-term, transitional mortgages that build our clients’ credit until they can be approved by a conventional lender. PrimeWest was established in 2005 in Saskatoon and our mortgage clients reside primarily in Saskatchewan. Our applicants include commission based sales people, real estate investors, people who have had issues with their credit, and people seeking to use the equity in their home. Home owners can use the equity in their home to finance for example: repairs, cottages, and children’s education. People come to us for a variety of reasons – being approved by a conventional lender, and financing commercial and residential projects. PrimeWest is committed to your exit strategy so we can help you build a better future.
How does PrimeWest work?
- If you qualify for a PrimeWest mortgage, we lend you the money to buy your home for a short term (maximum 24 months). The reason our terms are so short is because after two years of making regular house payments, qualifying clients are typically transferred to a traditional financial institution that wouldn’t consider them initially, but can now offer a lower interest rate after successful completion of the PrimeWest term. There are no pre-payment penalties, so you will not be penalized for making the effort to pay off your loan faster. PrimeWest can help get you started, then you can take it the rest of the way.
- PrimeWest Offers:
- Credit counseling
- No pre-payment penalties
- To get started, complete the online application and we will assess your individual situation.
I arrived in Canada with my family a year ago. Can I qualify for a PrimeWest mortgage?
Yes! It can take years to build a solid credit history, even for new Canadians who have steady employment and excellent credit and home ownership histories in their countries of origin. We have helped many new Canadians to secure home financing when no one else would.
I’ve had credit problems. Can I qualify for a PrimeWest mortgage?
Yes! Divorce, job loss, illness, business failure – there are many reasons why people fall behind with payments or are forced to declare bankruptcy. This should not preclude everyone who has had troubles in the past from the satisfaction and stability of home ownership. PrimeWest has the flexibility to accommodate people who have a proven commitment to rehabilitating their credit. PrimeWest is the only alternative mortgage company that offers credit counseling to help you get the best possible start on the road to owning your own home.
Why are PrimeWest interest rates higher than at the banks?
The regulations of the banking industry require they use very narrow criteria when considering a mortgage application, criteria that shuts out many people. As the mortgage risks increase, the banks are less likely to provide approvals.
Regulations governing the non-conventional mortgage industry allow PrimeWest the flexibility to assess each borrower’s situation – a combination of job status, income, and current payment schedules – and decide if we can work together. The higher rate reflects the overall increase in the lending risk amongst our clientele.