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Get Approved for B Lender Mortgages. Affordable B Lender Mortgage Rates for Debt Consolidation, Equity Takeout, Home Purchase, and More!

When Banks Say "No", We Say "Yes"! Over 60+ B Lenders and Private Lenders are Ready to Approve You! Flexible Income Requirements. No Minimum Credit Score.

At Effortless Mortgage, our experienced Mortgage Advisors specialize in B and Private Mortgages that are outside of the banks' lending appetite. We know everyone's mortgage needs are unique - and, "life happens".

Our B Lender mortgage rates can be very similar or only up to 1-2% higher than bank rates.

B lenders are regulated, reputable, and are a fast growing option for many Canadians. B Lenders are VERY flexible with your income and credit, as long as you can demonstrate you have CASH FLOW.

B Lender Mortgage is a terrific midpoint when you cannot qualify for a Bank Mortgage and a Private Mortgage is too costly. If, somehow, a B Lender is not an option for you, we always have our own in-house Private Lenders ready to help you.


Reasons to Consider a B Lender:

  • You have credit issues and your credit score is < 650
  • You are self-employed without verifiable income or report Low Income or No Income on your tax returns
  • You need to take out home equity to consolidate debts or past-due bills
  • You are or have been bankrupt or filed a consumer proposal in the past 7 years
  • You have non traditional Income, for example commission income, cash, disability, seasonal income, and others.
  • You are new to Canada or a Foreign resident
  • You need short-term bridge financing to improve your credit score
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Client Reviews

What our clients say...

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We got a last minute bank decline on our rental property and Effortless saved the day. As real estate investors, it's important to have a lender who can get us approved quickly!

- Tonya and Paul S.| Ottawa,
Ontario

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Effortless approved the mortgage on my first home. Banks declined me twice because of my credit. Effortless helped me become a homeowner when banks said no!

- Amelia N. | Toronto,
Ontario

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I was looking to consolidate debt. Effortless got me approved the same day. I reduced my monthly payments by half, and I've seen my credit score going up already.

- Steve H. | London,
Ontario

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We couldn't qualify for a mortgage from the banks because we are selfemployed. Effortless gave us a private mortgage right away. Very fast service. Will use them again!

- David & Maggie K. | Thornhill,
Ontario

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We got a last minute bank decline on our rental property and Effortless saved the day. As real estate investors, it's important to have a lender who can get us approved quickly!

- Tonya and Paul S.| Ottawa,
Ontario

Fast Approvals Within Hours

Bad Credit is Ok.
Flexible Income Requirements.

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B Lender Mortgage for Home Purchase

If you dream of owning a Home or an Investment Property and have been turned down by Banks due to credit and/or income, it may be time to consider a B Lender.

B Lenders can approve you with a wide range of non-traditional income sources and a credit score of 650 or less, unlike traditional Bank Lenders who require at least 650 credit score and verifiable income.

With B Lenders, one thing to consider is that you need 20% or more of the purchase price as a down payment.

For example, Purchase Price $450,000 x 20% = $90,000 (down payment)

You can choose from 1 to 5 year term at competitive B Lender Mortgage Rates that are similar to or up to only 1% to 2% higher than Banks. These rates will help you achieve your home ownership goals without "breaking the bank".

Effortless Mortgage will also work with you to potentially exit from a B Lender mortgage to an A lender bank, within 1 to 2 years to get back to a lower mortgage.

B Lender Mortgage for Equity Takeout, Debt Consolidation, and Investments

With Banks' stricter mortgage rules, more homeowners turn to B lenders and Private Mortgage Lenders to make their home equity work for them.

Homeowners who cannot qualify for a Bank refinance mortgage, can still look to qualify with B lenders at very competitive B Lender Mortgage Rates.

B Lender Mortgages can also help you qualify for a bigger Mortgage Amount because B Lenders allows you to stretch your income a lot further than Banks.

B Lenders lend up to 80% of the home value subject to location and property condition.

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Getting a B Lender Mortgage Can be Complicated

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Flexible Income Requirements.

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B Lender Mortgage Frequently Asked Questions (FAQ's)

What is a B Lender Mortgage?
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B Lender mortgages are becoming more and more popular with Canadians. B Lender Mortgages have more flexible income and credit requirements. B Lenders do not have minimum credit requirements - they can look at bad credit, past bankruptcy, and previous consumer proposals. B Lender can qualify you for a higher mortgage amount vs. Bank Lenders because they can stretch your income a lot further. B Lender Mortgages are also perfect for the self employed who have hard to verify or non-conventional sources of income, even if the income is not reported on their tax returns.

B Lender Mortgages are great options when someone doesn't fit into the standard banks very strict mortgage rules. B Lender mortgage require a minimum of 20% down payment in most cases.

Who are B Lenders?
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B lenders in Canada reputable, federally or provincially regulated financial institutions that are not one of the Big 6 Banks. They are called B Lenders because their mortgage qualification requirements are not as stringent as big banks. B Lenders offer more flexible income and credit mortgage lending programs. This includes Credit Unions, Loans and Trust Companies, and some of the Smaller Banks.

B Lenders are smaller than the Big 6 Banks, but they are not "small" by any means. Most of them lend out tens of billions of dollars in mortgages each year. Unlike banks that have many different product lines, most B Lenders only specialize in mortgage lending.

What are B Lender Mortgage Qualification Requirements?
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B Lenders are lot more flexible in both income and credit when qualifying you for a mortgage. There is no minimum credit score.
B Lenders in Canada will consider past bankruptcy or consumer proposal even if it happened within the last 2 years. However, having better credit does help you qualify for higher mortgage amount or lower rates.

B Lenders can also help you stretch your income a lot further. With the same income, you can qualify for up to 1.5x higher mortgage amount with a B Lender vs. a Bank.
B Lenders recognize non traditional income, such as cash income or self-employed income not reported on your tax return. However, they do need to review your bank statements to verify cash flow and your ability to afford the mortgage.

What is a B Lender Mortgage Credit Score?
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B Lender Mortgages do not have a minimum credit score requirements per se. Having a higher credit score can help you get lower B Lender Mortgage Rates. However, any credit score less than 500 can create some difficulties to your mortgage approval - or limit the amount of mortgage you can borrow.

B Lenders tend to emphasis on the credit history, not just the score - that's why it's important to work with an expert who knows how to get your deals approved. . Our experienced mortgage advisors can help you come up with the best way to get approved by B Lenders.

What are B Lender Mortgage Rates?
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B Lender Mortgage Rates can be very similar or up to 1-2% higher than Bank Lenders. For example, when Bank rates were around 2%, B Lender Mortgage Rates were around 2.99%. When Bank mortgage rates were around 4.99% B Lender Mortgage Rates were around 5.89%-5.99%.

B Lenders adjust their pricing based on your credit score, down payment or home equity percentage, and your overall financial strength. Their pricing are different for different mortgage brokers.
Effortless Mortgage Advisors specialize in B Lender Mortgages. We do a lot of volume with B Lenders, so we get extra discount on rates. That's why we are able to get you the best B Lender Mortgage Rates available.

What are B Lender Mortgage Fees?
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B Lenders typically charge a one-time 1% lender fee. Most B Lenders do not charge any fee at the time of renewal. The 1% lender fee can potentially be added to the mortgage, if there's enough down payment or equity.
B Lenders also withhold and remit the property tax on your behalf. For example, if the estimated property tax is $6,000 per year, they will withhold $500 per month property tax amount for you and remit that to the city.

By the end of the year, there's typically a true-up process. The B Lender will adjust the property tax amount based on the your final property tax bill from the city.

What Types of Mortgage Products Do B Lenders Offer?
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B lending products including Bad Credit Mortgages, Self-Employed Mortgage, Investment Property Mortgages, Equity Takeout, Home Equity Line of Credit, and New to Canada Mortgages. One of the most popular B Lender Mortgages is the Self-Employed Mortgage, or Stated Income Mortgage.

A Stated Income Mortgage is designed for borrowers who are self-employed and cannot provide traditional income verification. An example of this is a contractor who has a large cash portion of their income. If this income is not claimed, a Mortgage Broker can use 6- 12 months of the client's business bank statements showing their total deposits. This total is "stated" for cash flow income and used to apply for your mortgage approval.

What Mortgage Terms Do B Lenders Offer?
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B Lenders offer 1 to 5 year mortgage terms. 1 year term is the most popular options for B Lender Mortgages. Similar to Banks, B Lenders have prepayment penalties if you pay off your mortgage prior to the end of your. Prepayment penalties differs from Lender to Lender. For a 1 year term, the most common prepayment penalty is 3 months of interest payments. B Lenders also offer longer amortization up to 35 years or 40 years. There could be a mortgage rate premium added to amortization longer than 30 years.

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