Unlike other lender mortgage companies, B lender mortgage companies don’t have a one size fits all approach. Instead, they evaluate each case individually to see if you meet the qualifications. But it’s not just about meeting the criteria on paper. B lender mortgage companies also take into account factors such as understanding what went wrong in your past situation. Did you file for bankruptcy? Do you have bad credit?
B lender mortgage companies want to understand why these things happen and to look at the full story. If you are a business owner and you show low income because of all the write-offs you have accumulated in the year, they will look at all the documentation and estimate your real income without write-offs.
Does it make sense to work with B lender mortgage companies?
This method is there to allow more leeway for the borrower to qualify for a mortgage while being in a “different” situation than most people. If you are self-employed and do not have a lot of years of income to show, they will evaluate and estimate your income based on the standards and regulations of your industry.
B lender mortgage companies’ services are more expensive than other options, but they may help you buy a house even if your credit is terrible. You can always return to an A Lender once your credit/earnings improve.
Your credit score is a numerical representation of how you handle your finances, such as how long you’ve had a credit account, the amount owed, whether you’ve missed any payments, or if any accounts have been referred to a collection agency or have defaulted. Banks and other financial institutions may utilize your credit score to decide whether or not they want to offer you money.
Do B lender mortgage companies provide better rates than the Big Banks?
Mortgages from smaller, independent lenders (B Lenders) may come with better rates than those offered by the Big Banks. Remember that if you’re insuring your mortgage through CMHC, they require a minimum credit score of 600 from at least one cosigner. Be aware that B Lender mortgage companies can charge extra fees for this – often these costs are passed on to the consumer in the form of higher premiums.
What other options are available to me?
Many individuals are seeking the finest mortgage rate and struggle to find an acceptable one. Approaching numerous mortgage lenders directly might be stressful, especially if you’re looking for the best mortgage rate. Mortgage brokers can assist with this by negotiating on your behalf for the greatest rates at multiple firms.
If you are looking to buy a home with B Lender mortgage companies and you need the help of a mortgage broker, Asim Ali and his team are here. We have everything you need to close the deal on your new dream home. Give us a call today to get all the information you might need to do this transaction.