Mortgage Broker Thunder Bay

The mortgage market is highly competitive. As interest rates rise, many lenders will become more particular about who they lend to. That is why it is so important to work with a team that can help you. That is especially true if you think you may need to work with a B lender or a private lender. Start with a free consultation. Let us gather information on what your specific financial needs are. We can then help to educate you about any areas of concern you have such as Canada guaranty, guaranteed income concerns, and answers to any other questions you have. When you apply for a loan with us, we will gather your information from financial statements, your credit report, and other data and then look for the best fitting lenders for your needs. We can help those who are looking for a self-employed mortgage, debt consolidation, mortgage refinancing, and construction loans in many situations. Let us know upfront what concerns you have about any type of loan available to you. When possible, we work to help you get approved for a mortgage through
federally regulated lenders. If that is not possible or in your best interest, we will seek out a financial institution that is available to you. Some lenders specialize in those who need a more robust level of support and financial solutions. We can help you find these as well. If you do not fit the requirements of traditional lenders, our team has help available to you through other options including private mortgages and B lender loans. We can use your financial information to determine if you may qualify for these loans next. You do not have to have a strong credit history or a large down payment to get the help you need. Remember, many unregulated lenders are available who may be able to help you find a loan that fits your goals. To get started with us, contact us to inquire about your lending needs. Here are some tips to help you obtain a loan.

Work to improve your credit history

The minimum credit score for each lender differs with private lenders and B lenders being a bit more lenient. To keep costs down, work to make every payment to your lenders on time. Pay down as much debt as you can. If you do not have a lot of history, open a credit card and start working to build a good credit score.

Be flexible with your mortgage term

This is the length of your loan. Loans may range from 5 to 25 years. There may be options for longer terms. If you accept a longer mortgage term, your costs overall may rise. A longer term means there is more time for the mortgage rate to apply, making it more expensive. However, the monthly payment may be lower.

Don’t seek out uninsured mortgages

Uninsured mortgages tend to be more expensive because they carry more risk to the lender. While lenders do offer them, they may end up increasing the mortgage rates you pay. Some private lenders and B lenders do not require this, but it can save you money over time if the lender charges you more because of the higher risk.

Have a down payment

No matter if you want a private mortgage or one from a B lender, a down payment is a critical tool for lowering the amount of risk you represent to the lender. When possible put down as much as possible to keep your costs as low as possible, as it could make a big difference in your mortgage.