Most home buyers will obtain a mortgage from an A-lender, usually a major bank or credit union. However, many self-employed home buyers experience difficulty passing their federally regulated stress tests. Your affordability may be significantly reduced if you apply for a mortgage at an A-lender institution.
Due to these difficulties, B-lenders have become an increasingly popular option among self-employed home buyers. While B-lender interest rates are higher than those of A-lenders, you’re likely to be approved for a much larger mortgage than at a traditional bank or credit union.One key point here is how they account for your income compared to how the banks account for it. To learn more about B-lenders and determine what option is right for you, we suggest booking a free consultation with our professional mortgage broker.
This calculator is provided for general information purposes only. Yourmortgagecalculators.ca does not guarantee the accuracy of amounts shown, and is not responsible for any consequences of the use of the calculator.
Yourmortgagecalculators.ca does not guarantee the accuracy of the mortgage rates shown online. Yourmortgagecalculators.ca is not a mortgage brokerage or involved in any mortgage lending, we refer our clients to Citadel Mortgages that is a licensed mortgage brokerage. *Rates shown are on approved credit and subject to change without notice.
Please note borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Annual APR is subject to approval and underwriting, APR includes all fees and rate which is calculated on a yearly term. APR varies contact us for current rates or more information on a specific product. OAC
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