By choosing a Sunlite Mortgage broker/agent who has access to many bank and non-bank lenders, you can secure the most competitive mortgage rates available in Canada. Whether you’re a first-time homebuyer, looking to refinance your current mortgage, or considering switching lenders, a Sunlite Mortgage agent possesses the expertise to offer valuable guidance, counseling, and a range of options. With their assistance, making the right decision can potentially save you thousands of dollars over the duration of your mortgage.
Banks typically prefer borrowers who can provide proof of income and demonstrate creditworthiness, as this reduces the risk of missed payments throughout the loan term. But what if you’re self-employed or earn income in non-conventional ways that are difficult to demonstrate? B Lenders are more open to working with clients who have minor issues such as lower credit scores, inability to provide income proof, or mild derogatory credit history. In such cases, having equity becomes crucial.
Typically, Canadian B Lenders require a minimum of 25% home equity for qualification, but certain programs allow clients to borrow up to 80% of their home’s value. These lenders primarily operate in urban areas. However, if you reside in a smaller town, a Private Lender might be a better fit for you.
It’s important to note that B Lending should be viewed as a short-term financing option, and transitioning to an A Lender is advisable for long-term stability. Once the minor issue(s) has been resolved, usually within one to two years, a Sunlite Mortgage agent can refinance the mortgage with an A Lender to secure a better interest rate.
