We have a bit of a different podcast this week. Hopefully we can shed some light on a subject that has a bit of an undeserved stigma in the lending world. Most people don’t know what really separates the A side from the B side and what can be done to move you up. We dive into these topics and more.

What surprised you the most about each lending side? We may have an idea:

Owning several properties is a good thing, right?

Sure, but not to your bank. Owning real estate may be a great way to benefit from value appreciation and streams of income, but your bank will only see the liabilities and expenses of the ownership. A-lenders will always hesitate to approve you for a good rate if you own a lot of real estate, so you may find yourself on the B side for this reason alone.

Bad credit is SO easy to fix.

If credit is the only reason you don’t qualify for an A deal, you are in luck. If you have enough home equity to turn your unsecured debt into secured debt, it should not take long to lower your debt servicing costs and get you with an A-lender.

Everyone’s situation is unique, a mortgage broker can make a plan that’s best for YOU.

No two people are the same.

You may be a high-salaried employee with a recent blemish on your credit report, a self-employed business owner with flawless credit, or you may have a strong salary and credit score, but own many properties: the A side is going to think twice before giving you an approval. By going to a mortgage broker, they can tailor a plan to perfectly fit your needs.

At Cannect, we can do this for you for FREE. If you go to your bank, they will just tell you that you don’t qualify, maybe offer you a line-of-credit, or tell you to look at the B side. By going to a mortgage broker like Cannect, whether it’s finding you the best B deal available or giving you a small home equity loan to improve your credit, we can repair your particular situation and get you on the best path back to the A side and long-term savings.

Just because Ontario is back in a lock-down, it doesn’t mean you’re locked-down into high-cost capital. We hope you enjoy the spring and stay safe.