To get the best rates and options, Turned Away has its extensive network of subprime mortgage lenders who offer debt services when traditional banks and credit unions have turned you away.
Struggling with unpaid property taxes?
Get approved with a “B” Lender!
More and more Canadians are finding that they are being turned away by the big banks when applying for a mortgage.
With a B Mortgage Lender, You Can
Secure Your Financing
with Ease!
We will help you get your loan approved no matter what your credit challenges are.
Call Us: 1-855-668-3074
Approvals within 24 hours
What are “B” lenders?
B lender mortgages or Canada B lenders offer flexible credit requirements and are open to mortgage applicants with irregular incomes. To be approved, you may need anywhere from 20% to 35% for a mortgage down payment, and the interest rate will be higher.
Why Should I Consider a B Lender?
B lenders are your next option for a mortgage application if you have a limited credit history, a poor credit score and/or inconsistent income source.
Credit Score
- Your credit score reflects the length of time you have had access to credit and shows how you manage your credit.
- Banks and financial institutions use your credit score to determine whether they should lend you money.
- A low credit score can limit your prospects of being approved for a mortgage by A Lenders.
Income Source
- Self-employed mortgage applicants must demonstrate their income by providing two years' worth of tax returns or financial statements.
- Individuals who earn income primarily from commissions, such as those employed in sales roles, can find it difficult to meet A lender income requirements to qualify for a traditional mortgage.
To ensure the financial stability of prospective homeowner-borrowers, Canada's banking system demands rigorous applicant "stress testing" to demonstrate their ability to make their mortgage payments if interest rates rise.
Choosing a B lender is the best decision you can take if you are looking for greater mortgage flexibility or have been denied a mortgage application by conventional banks. B lenders offer mortgages for those with less-than-perfect credit scores or unstable income.
Looking for Flexible Terms?
Turnedaway.ca works with several B lenders to help those who don’t fit the big banks’ criteria. We will ensure that everyone has access to competitive interest rates and flexible terms to get their finances back on track as soon as possible!
What is the Difference Between A Lenders and B Lenders
When comparing A lenders and B lenders, their difference lies in their credit score criteria, mortgage rates, and whether or not their loans are insured.
Credit Score
If you're looking to qualify for a mortgage in Canada, most A lenders look for a minimum credit score requirement of 650 or above. On the other hand, B lenders can require lower than 600, depending on your income stability and the bank's policies.
Typically, B mortgage lenders are more relaxed, with lower credit score requirements, and compensate for the risk with higher interest rates.
Mortgage Rates
In Canada, A and B lender mortgage rates are heavily influenced by the risk a lender is willing to take. Those with superior credit scores can access A lender mortgages from large banks at lower rates as they are considered lower risk compared to those applicants with poor credit scores.
B lender mortgages require a minimum down payment of 20% and have higher interest rates as the applicants pose higher risk to their investments.
Insured vs Uninsured Mortgages
Mortgages with less than 20% down payment require mortgage default insurance. A lenders provide insured mortgages and come at significantly discounted rates.
Call Us: 1-855-668-3074
Approvals within 24 hours
Pros and Cons of
B Lenders
Let’s consider the high-level pros and cons of getting a mortgage from B lenders.
Pros:
- B lenders provide flexible mortgage solutions for those who can't qualify for traditional bank mortgages.
- Unlike a typical 5-year traditional bank mortgage, a "B lender mortgage" often have a 1-to-3-year terms. This allows you to renegotiate terms more frequently to ensure you get the best deal and the option to pay off your loan sooner.
Cons:
- A mortgage from B lenders will typically have higher interest rates and higher closing costs.
- You will need a property appraisal, regardless if the mortgage is for purchasing or refinancing.
How to Get the Best B Lenders in Canada
The B Lender mortgage discovery and application process follows seven simple steps.
- The first step is to book a discovery call to discuss your property objectives, loan goals, and borrowing capacity.
- Gather your documents in support of your application.
- Once you’ve submitted your application documents, your mortgage broker will submit your package for pre-approval.
- The underwriter will review your application and make the decision to approve your mortgage or not.
- You may need to provide additional information or documents to the underwriter as they are reviewing your application.
- Once approved, you’ll sign your mortgage documents and make your down payment.
- On the mortgage funding date, your lender will send you your loan balance, and this completes your mortgage process!
Turnedaway.ca works with a roster of well-established subprime mortgage lenders who are willing to serve those clients who don’t fit the primary lenders’ borrower profile. They offer competitive interest rates with flexible terms to help people get back on track.
If you have been turned away by the top banks and large financial institutions because you don’t fit into their cookie-cutter molds, we can help.
Unstable Income & Low Credit Score?
B Lenders Have Got Your Back!
Let us help you find a B lender that fits your needs so you can get the best mortgage solution.