We provide quick approvals in giving Canadians on all their First and Second private Mortgages or Home Equity Loan needs for purchases and refinances. So, whether you are self employed, new to Canada, bad credit, have a unique income situation, or simply looking for the better rate, we have the “Advanced Mortgage Solutions” to get you approved!
What is an Alternative Mortgage (B/C Lender)
There is a growing, significant percentage of borrowers who need a different type of mortgage financing solution. Sometimes there is no choice, which is why the alternative lending market (B-lenders) is so important to the overall health of the mortgage industry and, indeed, our economy.
Could this happen to you? Who would you turn to if your bank turned you down for a mortgage? How would you know if you are being given the straight goods, or being sold a bunch of baloney?
Plan B. If your primary financial institution (bank, credit union, trust company) refuses you a mortgage, you need a solution that can provide alternative financing options for you—hopefully with a B-lender solution. And if that doesn’t work out, then there are many potential private mortgage lenders too.
If you fit into this category, you can all but forget about an approval from one of Canada’s big banks. Again, if you aren’t the perfect candidate from a credit and income perspective, you have almost no chance of getting approved with a big bank.
Fortunately, to help fill the void of the big banks, alternative mortgage lenders have stepped up. Also, these types of lenders tend to approve deals on a common-sense basis. Consequently, they generally look at how much equity you have, and care less about bad credit history or income.
What Types of Loans Do B Mortgage Lenders Offer?
For the most part, B mortgage lenders will offer all of the same products that traditional big banks do. Most alternative lenders in Ontario and other Canadian Provinces will offer:
Home Equity Loans
Home Equity Lines of Credit (HELOC)
Mortgage Refinance & Debt Consolidation
Additionally, alternative lenders offer a variety of products and they are also more flexible than the bank. For example, many of these lenders will entertain:
Poor or Bad Credit Mortgages
Interest only mortgages
Rental offset mortgages
Stated Income Mortgages
Property Tax Arrears Loan Mortgages
CRA Debt Consolidation Mortgages