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- Where
- Home price$
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Can I get a loan?
Tick what applies and add a few numbers to see the right direction, how much you might borrow, the cost and what to prepare.
1. What applies to you? (pick any)
Suggested direction
Alternative lender (B lender)
Banks are strict, but B lenders accept scores from about 550, self-employed and non-traditional income: higher rates than banks, usually far cheaper than private.
- Reference rate range5.5% – 8%
- Reference lender fee1% – 2%
- Typical time1 - 3 weeks
- At 80% of value, you could borrow up to$240,000
Based on your equity, this amount is within reach.
How do I get back to a bank?
Treat it as a bridge: about 12 months of on-time payments plus better credit or income proof, then move back to a bank or B lender at normal rates.
What to prepare
- The reason for the bank's decline (in writing if possible)
- Valid photo ID
- Property tax bill, mortgage statement, home insurance
Reference ranges reflect common Canadian market levels in public sources (which vary widely). They are not Monest quotes; approval, rates and fees are subject to the lender.