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Since 2015, our team has been helping Ontario homeowners find solutions, secure better rates, and save more money.

SMART MONEY

Use a broker for refinancing

When you qualify with prime lenders (i.e. major banks), broker services are free and can get you better rates. When you need alternative or B lenders, brokers can help you qualify with overextended income or bad credit history.

Common questions from clients on refinancing:

1
Any credit or income requirements?
Refinancing your mortgage with damaged credit is possible depending on your income and available equity. Pricing is better and more options are available with good credit.
2
Do you have access to B lenders?
We work with B lenders to help borrowers who are self-employed or have bruised credit history.
3
What if I'm self-employed?
B lenders have stated income programs that are specifically designed to help self-employed clients.
4
What are your refinancing rates?
Lenders decide based on your income, credit, and equity. As brokers, our job is to help you get the best offers. Check out our Rates page for the lowest mortgage rates in Ontario.
5
What are my next steps?
Call us or apply online. We'll show you how much you can save and what you might qualify for, collect some documents, and present the best options on the market.

Get Started

Approved amount $480,000
Previous mortgage $430,000
Increased amortization to 30 Yearsto reduce payments

Case Study: B Lenders

Andrew and Erin bought their house when they got married almost 5 years ago and their mortgage is coming up for renewal. Andrew is an accountant with good credit and low debt-to-income ratios. Erin is a self-employed web designer and she tends to write off a lot of her expenses.

The couple has a $430,000 mortgage, and they want to refinance to get $50,000 for renovations but they are concerned about their cash flow. The major banks could not approve the amount they wanted because Erin's taxable income was too low.

How 360Lending helped them explore their options

Andrew was able to provide his T4s for the past 2 years as well as two recent pay stubs. We advised Erin that outside of the major Canadian banks, there are financial institutions that use non-traditional documents as proof of income.
Our team requested 12 months of business bank statements from Erin and a couple of recent invoices to match her deposits.
We also determined how much her expenses were to find out how much her net operating income was for the past year.

Results

Andrew and Erin's refinancing was approved with a B lender after being declined by the major banks. We also increased their amortization from 25 years to 30 years to lower their monthly payment. The couple invested $50,000 into their renovation project and Erin continued to enjoy the tax benefits of being self-employed.