Chris Friesen
Licensed Mortgage Professional
15 Years of Mortgage Lending Excellence
Phone/Text/Whatsapp - 204-999-2194
Email - chris@chris-friesen.com
Winnipeg's
"Mortgage Mechanic"
Licensed Mortgage Professional
Licensed Automotive AC Service Tech
Alternative or "B" Mortgage Lending
One of the least well known Mortgage Products
Every clients situation is unique, and sometimes life just happens. The loss of a job, illness, marital breakdown, each of these comes with a unique story, and that's where Alternative or "B" Mortgage Lending shines. These banks realize that just because someone is down on their luck, or going through a rough time, they should still be able to qualify for a mortgage.
Criteria of an Alternative or "B" Lending Mortgage
These banks will offer different criteria for qualifying for a mortgage, some examples would be :
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Extended debt ratios up to 55/55 (compared to a traditional bank at 44/39) Which means it's easier to qualify based on your income.
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They will consider different types of income, and will often look at bank statements over 6-12 months rather than pay statements or income tax statements.
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They will allow us to payout CRA or GST taxes, Property Tax Arrears, Consumer Proposals and even Bankruptcies
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Driven by stories. Is your situation hard to show on paper, but there's a good story behind it? These lenders are listening.