Detailed information
About lender
Keystone Finance Solutions is a Canadian provider of mortgage solutions and home equity loans to Manitobans who cannot arrange traditional financing through their bank or credit union.
Founded in 1984, Keystone Financial Solutions has served families in Manitoba for around 40 years. The company is on a mission to provide quick and creative lending solutions and credit-building opportunities.
Features
Keystone Financial Solutions offers the following types of financing:
“Welcome Home” — property purchase financing for first-time homebuyers
“The Home Helper” — household expenses financing
“Smart Saver” — leveraging the equity in your home to jumpstart a new opportunity
The application process is quick and easy with Keystone Financial Solutions — you can apply online or by phone. As stated on the website, the company’s service team will work closely with you to find the financial solution that is right for you.
Keystone Financial Solutions welcomes all homeowners, whether your first home purchase or the second.
Keystone Financial Solutions reports borrowers’ payment habits to Equifax Canada and TransUnion. For customers with poor credit history, it’s an excellent opportunity to enhance their credit score.
Pros and cons
Keystone Financial Solutions has been around for more than 38 years, and Manitobans have already appreciated the pros of this lender. Here are its key advantages:
Access to a range of lending solutions — home purchase financing, refinancing, debt consolidation, and payment reduction
An easy and convenient application process — apply either online or by phone
Quick turnaround
Competitive interest rates
Reporting of your payment performance to Equifax Canada and TransUnion, which allows you to build your credit score
Flexible payment schedule — either on a bi-weekly or monthly basis
Lowered legal fees under specific circumstances
As for the cons, we can name:
Potentially unfavorable loan conditions in case of poor credit history. Still, Keystone Financial Solutions strives to provide the desired financing for any situation.
Conversely, reporting to credit bureaus can hurt your credit score if you default on your payments.
Loan conditions
Keystone Finance Solutions requires borrowers to make a 25% down payment with mortgages. The interest rates will depend on several factors — your income, credit history, and home value. Upon completing your application profile, the company’s service team will provide you with your specific rate.
When applying for a first or a second mortgage, you can expect same-day approval (given that you have provided all required information on time). Unfortunately, Keystone Finance Solutions doesn’t specify the processing time for home equity loan applications. Still, they promise a quick approval.
With mortgages and home equity loans, you can expect approval of up to 75% of the appraised value.
As for the payment schedule, you can make monthly or bi-weekly payments. The terms of your mortgage or home equity loan will contain information about the payment dates.
Methods of loan funding
Keystone Finance Solutions doesn’t specify methods of loan funding on the website.
