Take a look at Alternative Lending

Alternative lending or "B" lending refers to lending practices that fall outside normal banking channels. Alternative lenders think outside the box and offer solutions to Canadians who wouldn’t otherwise qualify for traditional mortgage financing.

In an ideal world, we’d all qualify for the best mortgage terms available. However we know this isn’t always the case. Securing the most favorable terms depends on your financial situation. Here are a few circumstances where alternative lending might make sense for you.

Damaged Credit

Self-Employment with low declared income

Non-traditional income like Airbnb, tips, commissions, Uber, Homeshare

Expanded Debt-Service Ratios - owing other large debts beyond the limits that "A" lenders would allow

Interest rates for Alternative lenders are typically about 1% higher than the lowest "A" rates, and they like to charge a 1% fee in addition.

I've had several instances whereby a client would only qualify for a condo/townhouse with "A" lenders, but with "B" lenders they can buy a detached house with a rental suite. With the rental income now in the equation, the house financed by the "B" mortgage becomes cheaper to pay for on a monthly basis than the town home with "A" financing. So getting a mortgage is not always about "getting the best rate". It's important to actually crunch the numbers.