Episode Details

Buying your first home is exciting, but there's a LOT that happens between deciding you're ready to buy and finally getting the keys. This week on Under One Roof MTL, Robyn Flynn and LJ Aguinaga discuss the unexpected costs, difficult decisions, and common surprises first-time homebuyers should prepare for.

Plus, Martin Spalding explains the world of alternative mortgage lending, better known as B-lenders. If you've ever been turned down for a mortgage by a traditional bank, that doesn't necessarily mean homeownership is out of reach. We explore who these lenders serve, how they qualify borrowers, and why they can be particularly useful for self-employed Canadians.

What's Happening in the Market: Fixed vs. Variable Mortgages

With fixed mortgage rates climbing and variable rates becoming increasingly competitive, borrowers are facing an interesting decision.

• Why fixed mortgage rates are rising even without a Bank of Canada rate increase

• How Government of Canada bond yields influence fixed mortgage rates

• Why variable rates are currently attracting more attention

• How inflation and slowing economic growth are complicating future interest-rate decisions

• Why the difference between fixed and variable rates matters when choosing a mortgage

• How your financial circumstances and tolerance for uncertainty should factor into the decision

Real Estate: Buying Your First Home, What Nobody Warns You About

LJ Aguinaga walks us through some of the biggest surprises awaiting first-time buyers, beyond simply saving for a down payment.

• The unexpected expenses first-time buyers often forget to budget for

• How to establish a realistic homebuying budget

• What surprises buyers once they actually start visiting properties

• Distinguishing between must-haves and nice-to-haves

• What to expect when making your very first offer

• What happens between an accepted offer and getting the keys

• Common mistakes that can jeopardize a purchase

• LJ's biggest piece of advice for anyone preparing to buy their first home

Mortgages: Understanding B-Lenders and Alternative Mortgage Financing

Martin takes a deep dive into B-lenders, explaining why borrowers who don't qualify with a traditional bank may still have other financing options.

Using the example of Daniel, a successful self-employed business owner whose taxable income doesn't reflect his company's actual revenue, we explore how alternative lenders can assess a mortgage application differently.

• What exactly is a B-lender, and how does it differ from a traditional bank or private lender?

• Why self-employed borrowers sometimes struggle to qualify for conventional mortgages

• How business bank statements and stated-income programs can help demonstrate borrowing capacity

• Why borrowers with bruised credit or higher debt ratios may consider alternative lending

• Understanding GDS (Gross Debt Service) and TDS (Total Debt Service) ratios

• The potential drawbacks of B-lenders, including higher interest rates, lender fees and appraisal requirements

• How alternative mortgage financing can sometimes help homeowners consolidate expensive debt

• Why a B-lender can be a temporary stepping stone toward returning to conventional financing

A mortgage rejection from your bank doesn't necessarily mean you can't get a mortgage. Sometimes, a different type of lender may be able to accommodate your financial circumstances.

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