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High Risk B Lender Toronto
Good people can have credit problems too
A few years back, it was impossible to secure a mortgage and own your dream home if you had bad credit. Today however, there are B lenders who are able to provide mortgage products to those without a good credit or income. We offer flexible mortgage solutions for borrowers who lack good credit or income while helping them to rebuild their credit.
Whether you need help to save your home after facing a foreclosure or to take advantage of lower mortgage rates, our experts can help. Our company has specialized in financial solutions for high risk B lender mortgages. We are certain to find a solution for you. We understand how important it is for you to find a reasonable mortgage rate that’s why we will work with you throughout the application process to ensure you get the best possible rates.
Whether you were recently declared bankrupt, are self-employed or lack good credit for any other reason our company is able to work with you to provide mortgage solutions that are suitable for your needs. We know that good people can experience financial challenges leading to bad credit. And we believe none of these financial challenges should keep you from buying a home.
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Do you qualify for a mortgage if you have bad credit?
We have worked with a variety of B lenders to help people with past credit issues. We will never turn down a client because of bad credit or loss of income. Our company has a proven expertise in handling customers with credit problems. We’ve helped people like you to own a home when they had lost hope after bankruptcy, a foreclosure or personal losses. We will even help you to build up your credit rating gradually.
Each B lender is different in terms of the factors they consider to determine your mortgage rate. Other additional costs like a commitment fee may be required for you to access financing. Our job is to ensure you spend only what you can afford so that it doesn’t put you in future debts.
Are you ready for that new home?
If you’ve been turned down by numerous lenders due to bad credit or any other financial issue that lowers your rating, we can help. Allow us to get you the mortgage you need to buy a new home. With the help of our high-risk B lenders we will take you a step closer to owning a home. We have expert mortgage consultants who are experienced in dealing with clients in similar situations.
If your home is facing foreclosure, probably because of a poor credit rating, we can help you to avoid losing your home by getting a mortgage you can afford. We will work with you to evaluate your foreclosure options and source for the right financing for your needs.
We help high risk borrowers every day. Talk to us today and let’s help you find a suitable home for you and your family.
Homeowners and property buyers often only know of one type of mortgage lender. These are the usual kind whose advertisements you see in may major billboards and other forms of publications. But there is actually a huge list of B mortgage lenders and private mortgage lenders. B mortgage products offer competitive charges and interest rates that are often lower than regular mortgage rates.
What Makes a List of B Mortgage Lenders in Toronto Different
Just remember that the rate may still depend on your credit score, your credit report, your down payment amount, your income, and the stability of your source of income. These are the known risks that dictate the kind of interest rate you will get.
The most common lender fee that a B mortgage offers is around 1% of the amount of the mortgage. This fee is collected to also protect the lender in case anything will happen to your payments. In some cases, the lender fee is lower but this can result to a slight increase in the interest rate.
For example, if your total mortgage is CAD1,000,000, 1% of that is CAD 10,000. You can still negotiate with your broker if you don’t want to pay that amount outright. He will just increase your interest so in turn you will still pay the lender fee but on a staggered basis. This can be better for your budget as you don’t need to have the money upfront. The increase in interest rate is also minimal.
Other than the lender’s fee, a B mortgage lender also charges brokerage fee. A brokerage fee can range anywhere from 1 to 2% of the total mortgage amount. The amount will also depend on how complex or how easy your situation is. If it is just a straight up sale with no problems or entanglements, your broker’s fee could be minimal. If your situation is a bit complex and you need the broker to facilitate so many different processes for you, the broker’s fee may be slightly higher.
A broker’s fee should be mentioned upfront by your broker. Knowing this type of fee will be added to your mortgage will help you plan your budget. This will also ensure that there are no surprises when the bill comes.
If you’re on a budget and need to cut costs but still want the services of a broker, a B mortgage lender is a good way to go. B mortgage lenders offer a wide variety of services including mortgage renewal and can help you with all your property purchasing needs.
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