Mortgages FAQ

About broker mortgages

Where are B2B Bank’s mortgages offered?

B2B Bank mortgages and lines of credit are available through the broker channel in all Canadian provinces. To learn more about how to get started, contact your Business Development Manager.

What does your suite of mortgage solutions include?

Our full range of solutions is designed to help clients who meet traditional criteria, as well as those with unique circumstances, including:

  • Self-employed individuals who cannot provide standard income documentation to qualify for a traditional conventional or insured mortgage
  • Borrowers with previous credit difficulties that have since been resolved, including discharged bankruptcies
  • People with secondary income
  • Individuals who are seeking to purchase or refinance a marketable property where there is a large equity or down payment position

Learn more about our suite of mortgage solutions.

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The application process

How do I submit my mortgage deals to B2B Bank?

After you’ve assessed your client's needs, you should submit the application electronically via D+H  Expert (select B2B Bank from the drop down menu). We’ll review the application and provide you with a credit decision. Our application process is a bit different in Quebec. Learn more about processing applications in Quebec.

What documentation do you require if my client's mortgage is approved?

If approved, your client(s) will need to supply us with:

  • A signed application
  • Employment documentation as stated on the commitment letter/letter of approval
  • Offer to purchase
  • MLS listing with picture
  • Written confirmation of down payment
  • Lawyer’s name, address, fax and telephone numbers
  • Instructions regarding creditor insurance.
Which documents do you accept eSignatures on?

To serve you better, we accept eSignatures1 on the following documents:

  • Mortgage Commitment Letter2
  • Appendix for Co-Borrower Disclosure
  • Down Payment Gift Letter
  • Mortgage Application
  • Consent Form
  • Employment Letter
  • Declaration of Income & Expenses
  • Purchase and Sale Agreement3

1. B2B Bank reserves the right to ask for a wet signature in certain circumstances or when required by law.

2. We will accept the initial mortgage commitment letter with an eSignature, however, the final mortgage commitment letter will require a wet ink signature signed at the Lawyer’s office or with a First Canadian Title representative.

3. eSignatures were previously accepted by B2B Bank for Purchase and Sale Agreements.

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Account statements

What kind of statements will my clients receive?

B2B Bank issues annual statements to mortgage clients. These statements detail all payments throughout the year and include specific information on the current interest rate, opening and closing balances and the breakdown between principal and interest payments.

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Compensation

Do you have a referral fee program? If so, how does it work?

Yes, we have a program that compensates brokers on mortgage applications that are advanced by B2B Bank. These one-time fees are paid on the funded value of the mortgage. Contact your Business Development Manager.

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For more information

Who does my client contact for service after their mortgage is funded?

Our dedicated team of client service representatives can respond to all your clients’ inquiries. They can be reached by calling 1‑800‑263‑8349.

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Mortgage relief

What measures has B2B Bank put in place to support clients requiring financial support with their mortgages?

During the COVID-19 crisis, B2B Bank is offering payment deferral of principal and interest (skip payment) for an initial period of up to three months. Please note that all payment deferral requests must be submitted on or before September 30, 2020.

If your clients can manage their regular payments, we encourage them to do so.

*Terms and conditions apply. This offer may be revoked, changed or end at any time without notice, deferral requests will be approved on a case by case basis.

My client has already been benefiting from three months of mortgage payment deferral. Their situation has not improved, and they will need support beyond this period. What can they do?

It is now possible for your client to obtain an extension of their mortgage payment deferral for three additional months - a total period of six consecutive months, if required. To do so, have your clients complete the mortgage payment deferral extension form. To be eligible, your client’s extension request must be submitted on or before September 30, 2020.

Who can qualify for mortgage relief?

Programs in place are to support clients who are experiencing financial hardship. They are not intended for clients who are still able to manage their financial obligations. If your clients can manage their regular payments, they should be encouraged to do so.

How can my client request mortgage relief?

B2B Bank is committed to helping all our customers who are experiencing financial difficulties due to the impacts of COVID-19. Deferrals are not automatic. If your client is having difficulty making payments on their mortgage, please direct them to fill out the mortgage deferral request form.

Mortgage deferral requests could take up to five days to process. If your client is within five days of their regular mortgage payment date, the current payment will be processed, and the next payment may be skipped.

All new requests for deferrals must be submitted on or before September 30, 2020.

If mortgage relief is granted, is my client still responsible for the full payment amount?
  • Mortgage deferral means that principal payments and interest are skipped for a defined period of time.
  • A payment deferral is not payment forgiveness and your client will have to pay back the amount you defer, plus interest.
  • The interest during the deferral period will be added to the outstanding balance of the mortgage and the total mortgage cost will increase as a result.
  • The interest on your client’s deferred payments is incorporated into their monthly/weekly/bi-weekly/semi-monthly mortgage payment, either when payments resume at the end of the deferral period or upon renewal at the end of the mortgage’s term. Their mortgage payments will effectively become higher after the deferral period or at renewal of the mortgage.
  • Deferring their mortgage payments may significantly increase their interest costs over the life of the mortgage, so it's important to carefully evaluate their financial situation and priorities before exercising this option.
Will fees be waived for mortgage deferrals requested?

To help provide relief to those who need it, fees specific to mortgage deferral requests and NSFs will be waived throughout the COVID-19 pandemic.

Will a mortgage deferral impact credit scores?

Approved mortgage deferrals are not counted as a missed payment and will not appear on credit reports or impact credit scores.

I have a mortgage application in progress. Will I be able to take advantage of lower interest rates?

B2B Bank offers a lookback rate guarantee so that your clients will automatically get the lower rate five days prior to funding. Note that if your client applied for the Net Worth Program, you will be required to request the rate drop.

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