What Are Typical B Lender Mortgage Rates?
If your income doesn’t qualify you for a bank loan and a B Lender is your only option, you might be wondering how much B Lender mortgage rates would cost you. B Lender rates in BC Canada for 1 year fixed rates can start as low as major banks’ 5 year fixed rates. What is important to keep in mind though, is that B Lenders do charge a lender’s fee while the responsibility for all legal & appraisal costs is on you. Since not all B Lenders have the same fees and their mortgage rates are set on a case by case basis, there may be additional costs involved, so get in touch for a complete review of your situation.
Why Use B Lender Mortgages?
B Lenders are institutions which cater to individuals that don’t qualify for a normal bank loan because of their bad credit score or unreliable source of income. B Lender mortgages are your next best option if your bank has turned you down due to lower than average credit scores or income issues. These alternative lenders will accept a large category of clients to cater for, but you should know up front that B Lender mortgage rates in BC Canada might be higher than ones from A Lenders.
Who Is a B Lender Mortgage For?
B Lender mortgages are ideal for:
- Self employed. B Lenders mortgages have higher debt servicing ratios than banks
- New Immigrants to Canada who do not have established credit history yet
- High home equity but income does not support TDS & GDS ratios for the big banks
- Lower than average credit scores
- Previous bankruptcy 1 day discharged
- Payout consumer proposals, income tax arrears, property taxes
Best B Lender Mortgage Rates in BC Canada
“Who is the best B Lender” is a question we get all the time, but the answer is not as simple as only looking at B lender mortgage rates. Each lender has slight differences on how they assess each particular case and how much weight they assign for each of the factors involved with approving your loan, that’s why choosing one as being the best should be left up to your mortgage broker.
Who are B Lenders?
Some of the major B Lenders in BC are:
- Home Trust
- MCap
- Optimum
- Peoples Trust
- Xceed Mortgage Corp
- Equitable Bank
- Bridgewater Bank
As well as alternative products through some smaller credit unions & trust companies.
What Cities Do B Lender Mortgages Lend To In BC?
B Lender Mortgages typically lend in major centers in BC.
- Metro Vancouver
- Major Cities in the Okanagan
- Major Cities on Vancouver Island
B Lender Turned You Down. What Now?
If you do not qualify under a B Lender mortgage your next choice is a Private Mortgage lender. Now if you were looking to refinance your current mortgage, and you are not at the end of your term, a second mortgage may be a more cost-effective option. Get in touch today and we’ll assess your situation right over the phone for free.
Last year I built for my daughter a playhouse/shed. In all reality it turned out to be a little bit more than a common playhouse or shed. With ¾ inch oak floors a Dutch door and plans this year for a patio, I believe I have over built for the neighbourhood as far as playhouse building goes.
Now being a BC Mortgage Professional I am privy to information regarding home renovations that increase the value in your home and ones that will only increase your comfort of living. So many times I have seen people come to me and say Jeff I have totally renovated my kitchen at a cost of $35,000 so my home has surely went up in value $35,000 or more. With the current housing market, the fact is unless your kitchen was in terrible visual shape you probably have not added much value if you were to list and sell it. I see people switching out cabinetry for new cabinetry that is more appealing to them or replacing one colour of granite for a new colour. Now this did work in years past with Vancouver’s red hot real estate market, but for now we are in a bit of a holding pattern. That being said, if this is a home you plan to stay in for a long time then these renovations are truly about pride of ownership and will definitely give you good value for dollar spent.
Take for instance my yard renovations. I need outdoor storage space, so I built a playhouse/shed and plan to build a shed/green house. These two projects cost a fair chunk of money and do take care of needed storage issues but, in terms of an appraisal or, what a Canadian bank or mortgage insurer will deem as value; this will bring nothing. Lenders will request an appraisal of house and usually up to 5 acres but will not consider outbuildings in value.
