Alternative (B) Solutions

Bank-Alternative ("B") Mortgage Solutions for Real People in Ontario

Mortgage Declined by the bank?

Getting declined for a mortgage can feel frustrating.

Many people in Ontario are turned down by banks—not because they cannot afford a home, but because they do not fit strict rules.

This includes people who are:

Self-employed not showing taxable income

Dealing with bad credit

Carrying high interest debts

Owning a few rental properties

Retired and living on pension income

The good news is—you still have options.

There are Alternative Mortgage Solutions through trusted Alternative B Lenders that are designed for real-life situations.

These Mortgage Solutions require at least 20%+ down payment or home equity.

What Are Alternative Mortgage Solutions?

Alternative Mortgage Solutions are home financing options for people who do not qualify with traditional banks.

Instead of focusing only on strict rules, Alternative B Lenders look at your full financial picture.

This may include:

Your down payment or equity

Your real income (not just your tax return)

Pension or retirement income

Your current financial situation

Your ability to manage payments

These Mortgage Solutions help bridge the gap between bank-level mortgages and private lending.

Some of our Trusted 'B' Lender Partners

First National (Excalibur)
MCAN
Community Trust
Optimum Mortgage (CWB)
Haventree Bank

Equitable Bank (EQB)
HomeEquity Bank (CHIP)
B2B Bank (ALT)
RFA Bank (Alternative)
Neighbourhood Holdings (Fisgard)

Who These Mortgage Solutions Are For

Alternative Mortgage Solutions are commonly used by:

* Self-employed individuals

* People with lower credit scores

* Homeowners looking to refinance

* Buyers with higher debt levels

* Real estate investors

* Retired homeowners or pensioners

* People with non-traditional income

If a bank has declined you, it does not mean you are out of options.

Why Banks Decline Mortgage Applications

Banks in Canada follow strict guidelines that do not fit every situation.

They often decline applications due to:

* Low or inconsistent income

* High debt ratios

* Poor or limited credit history

* Too many properties

* Income that is difficult to verify

* Retirement income that does not meet their rules

Even financially stable borrowers can be declined simply because they do not fit the bank’s policy.

How Alternative B Lenders Help

Alternative B Lenders offer more flexible Mortgage Solutions.

They focus on your real situation instead of strict formulas.

They may consider:

* Bank statements instead of tax income

* Pension or retirement income

* Higher debt ratios

* Credit challenges

* Rental income (higher percentage)

* Equity in your home

With 20%+ down payment or equity, Alternative B Lenders can approve many borrowers that banks cannot.

Bank vs Alternative B Lenders vs Private Lenders

Understanding your options is important.

Banks:

Lowest interest rates

Strict approval rules

Limited flexibility

Alternative B Lenders:

Flexible Mortgage Solutions

Designed for real-life situations

Require 20% down or equity

Moderate interest rates

Private Lenders:

Very flexible

high interest rates

Short-term solutions

For most borrowers, Alternative B Lenders offer the best balance between approval and cost.

Types of Mortgage Solutions Available

Self Employed Mortgage

If your income looks low on paper, you may still qualify based on your business activity.

Bad Credit Mortgage

If your credit score is low, lenders may focus more on your equity and current situation.

Debt Consolidation Mortgage

You can combine high-interest debts into one lower payment.

Rental Property Mortgage

You can finance investment properties with more flexible rules.

Mortgage for 'Lower' Income

A strong down payment can help you qualify even with lower income.

Reverse Mortgage (For 55+)

If you are retired or on pension, you can access your home equity without making monthly payments.

Long-Term Plan

Alternative Mortgage Solutions are often a step forward, not the final step.

The goal is to:

* Improve your financial profile

* Strengthen your credit

* Reduce debt

* Move to a lower-rate mortgage later

For retired clients, the goal may be:

* Accessing equity

* Improving monthly cash flow

* Staying in their home long-term

Common Mistakes to Avoid

Thinking a bank decline means no options
Going directly to private lenders
Waiting too long to explore solutions
Not having a clear plan

Why Work With a Mortgage Broker who specializes in B Lending

A broker who specializes in this 'niche':

* Is familiar which B lending products and guidelines which is very different from the bank's

* Build a strategy based on your situation, like a clear exit (if needed)

* Help you avoid costly mistakes, like putting you in aprivate mortgage when you don't have to

* Guide you through the full process

Apply Now

Get Pre-Approved in 30 Seconds Or Less!

Complete Your Purchase Application Now!

Explore Your Renewal or Refinance Options Today!

Frequently Asked Questions

What’s the benefit of using a mortgage broker instead of going to my bank?

Banks can only offer their own rules, products, and rates. As brokers, we work with 50+ lenders —so we can shop around for the option that fits your situation, not just one bank’s box.

Why choose Mortgage Wars?

We specialize in non-traditional/Alternative “B” lending. Over the years, we’ve built strong relationships with alternative (and private) lenders and a deep understanding of their products and guidelines. That lets us structure your file the way lenders want to see it—turning real-world situations into real approvals.

What’s the difference between Prime (A), Alternative (B), and Private mortgages?

Prime (A): Bank-type mortgages for people with verifiable income and clean credit.

Alternative (B): For good borrowers who don’t quite fit bank rules—often self-employed or recovering from past credit issues.

Private: Funded by Mortgage Investment Corporations (MICs) and private investors with flexible guidelines—used when A or B won’t work; rates and fees are higher because risk is higher.

Do I really need 20% down or equity for “Alternative (B) Solutions”?

Yes. For purchases you’ll need at least 20% down; for refinances/debt consolidation/equity take-outs you’ll need at least 20% home equity. If you’re unsure where you stand, ask—we’ll run the numbers with you. Reverse Mortgages have higher requirements.

What rate will I get with an Alternative (B) Lender?

Alternative (“B”) rates are based on your full profile—property, equity, income, credit, and purpose. They’re typically around 1% above big-bank rates and well below Private. Reverse mortgages are around 2% higher than regular rates. We’ll shop lenders and present a clear written commitment with your rate, terms, conditions, and all fees so you can decide with confidence—no surprises.

What fees should I expect?

Prime (A) deals: No Broker Fee (lender pays us).

Alternative (B) deals: Expect a 1.0% Lender fee and we charge a flat Broker Fee of $1500 . Other brokers who specialize in Alternative Lending charge on average a 1.0% Broker Fee. Reverse Mortgages have NO Lender/ Broker Fee.

Private deals: Start around 2.0% Lender fees. We charge a flat Broker Fee of $3000, regardless of the size of the mortgage.
*** You’ll also have standard third-party costs like the appraisal and legal fees. We’ll disclose everything up front before you decide.

How fast can I get approved?

Once we submit a complete application, approvals often come back within 24–48 hours. Complex files can take longer, but we’ll set expectations right away.

What is the application process?

Step 1 — Strategy Call
We book a quick virtual strategy call to understand your goals, timeline, property details, and any constraints. We’ll outline the best path and what lenders will look for.

Step 2 — Application & Documents
After the call, we send a secure online application. You submit it and e-sign consent so we can review credit and share information with lenders as needed. You’ll also upload the initial documents (ID, income documents, proof of down payment, and—if refinancing—your mortgage statement/property tax). We’ll give you a simple checklist.

Step 3 — Approval & Appraisal (if required)
We shop lenders and obtain a written commitment outlining rate, term, payment, and conditions. We review it together and, if you’re happy, you e-sign to proceed. If an appraisal is required, we order it at this stage and handle any lender follow-ups.

Step 4 — Lawyer & Funding
The lender instructs an approved real-estate lawyer of your choice. You sign the final mortgage documents (in-office or virtually, where available) and funds are released on completion.