A “B” side mortgage or a B lender mortgage is any mortgage that is funded through nontraditional banks or lending sources and are commonly used by people who have been turned down by A lenders. An A lender mortgage is any mortgage funded through traditional lending sources. B lenders provide a lot of flexibility in the types of income that is used and the affordability. They might be the right choice for you if you are looking for reasonably priced rates.
A mortgage broker, like myself, can help to determine which lender will guarantee the best options for you. Using a mortgage broker is best because most lenders will not deal with you directly. In fact, some may require you to work with a broker to take out a mortgage with them at all. By looking at your income and credit scores a mortgage broker can appoint you to either lender. Trust your broker to do what is right for you. If you have poor credit, a B lender that offers mortgages at higher interest rates is within your best interest. This is because B lender mortgages are very accommodating. They can provide you with interest-only mortgages that reduce monthly payments and allow you to obtain a mortgage when you otherwise would not qualify for one.
Once you have talked to your broker and decided that a B lender is the best choice, getting a mortgage might take a little longer than normal. The process can be lengthy depending on your situation. Therefore, you should start the approval process as soon as possible. If you are unsure about how or where to start, talk to your broker and they will guide you through the process step by step, keeping your best interests in mind. How fast you get a mortgage through a B lender depends on your mortgage broker, your situation, and the size of the mortgage you are taking out.
If you are ready to start the mortgage process with a broker that will guide you every step of the way, that will ensure the best lenders, deals, and options that fit your situation, then I can help. To start the approval process visit https://scott-trainor.com/mortgages/how-to-apply/ or contact me at