Do you live in the Ajax, Pickering, Oshawa, GTA or anywhere else in Ontario? Are you looking for an Alternative or "B" Mortgage or Loan? Well you've come to the right place.
Have you been turned down for a mortgage by one of the big banks in Canada? We work with all different types of lenders and not every institution lending money for mortgages is a big bank. Some are what we refer to as Alternative lenders. They are generally more lenient on past credit issues, some are more lenient on income issues and they tend to have different qualification guidelines, and sometimes their lending rates are right there with the banks rates.
Non Bank/Alternative lenders are not easy to find and you will not usually find branches, as you would easily with a major bank.
Don’t limit yourself to the banks strict guidelines. Let us work with you to help you find the mortgage that’s right for your unique situation.
"A" Lenders vs "B" Lenders - What's the Difference?
A Lenders are chartered banks that are federally regulated along with credit unions that are provincially regulated. A Lenders typically lend to prime borrowers, which are borrowers with a good credit score and history, as well as a stable income. Typically your A lenders are the large Canadiajn Banks we all know.
B Lenders are quasi-regulated lenders that are not directly regulated federally but indirectly follow regulations due to the nature of their business. B Lenders include Mortgage Finance Companies (MFCs), which made up 20% of all insured mortgages in Canada but only about 3% of uninsured mortgages.
B Lenders are an option for those denied by traditional A Lenders or for those looking for more flexibility or who might have poor credit or are self-employed. B Lenders can often be the lender of choice for those with strong credit and stable incomes as well due to the flexibility they offer.