Ryan Ellis Mortgage

Hey All,
I will be hosting a webinar on 'Debt Consolidation options for Homeowners' throughout the month of June. These sessions are private and confidential.

Register and select from one of the available Dates and Times Here: https://attendee.gotowebinar.com/rt/6856959587010552924

B lending 101. “B” or alternative lenders help when credit is bruised, income is non-traditional, or the property is unique. Expect larger down payments and slightly higher rates, but often it’s a smart bridge to get you in the market or back on track.

A contractor with strong revenue but low taxable income could not fit bank rules. We used a B lender with bank statements and an accountant letter to support income. He got a fair rate and a two-year plan to move to an A lender later.

Budget 1% to 2% of the purchase price for closing costs like legal fees, land transfer tax, and adjustments. A client almost came up short but we planned early and used a gifted funds letter properly. Plan ahead and you’ll avoid last-minute stress.

Rate vs total cost:
Lowest rate is not always lowest cost. A client almost picked a no-frills mortgage with a big penalty and limited prepayments. We chose a slightly higher rate with flexible terms that saved them thousands later.