B2B Bank Mortgage Rates & Reviews
B2B Bank is a Canadian bank headquartered in Toronto. It is a wholly-owned subsidiary of the Laurentian Bank of Canada. B2B Trust became B2B Bank in 2012. B2B Trust resulted from the amalgamation of Sun Life Trust Company and Laurentian Bank’s Agency Banking Division. B2B offers mortgages through mortgage brokers and savings/investment products, including investment loans through investment advisors. As a Canada Deposit Insurance Corporation (CDIC) member, your savings are safe with B2B Bank. This page introduces some of the mortgage products offered by B2B Bank.
Standard Residential Mortgage
B2B Bank mortgages offer a prepayment privilege equal to 15% of the mortgage principal in a single payment per year. Alternatively, you can increase your mortgage payments by up to 15% yearly. One can start using their prepayment privileges only after the first anniversary of the mortgage. Like most mortgage lenders, you would have to pay a mortgage prepayment penalty if you repay your mortgage early or make a prepayment greater than your prepayment privilege.
| Term | B2B Bank Rate | Canada's Lowest Rate |
|---|---|---|
1-Year Fixed | 7.89% $3,025/mo | - |
2-Year Fixed | 7.34% $2,886/mo | - |
3-Year Fixed | 6.99% $2,799/mo | - |
4-Year Fixed | 6.84% $2,762/mo | - |
5-Year Fixed | 6.84% $2,762/mo | - |
7-Year Fixed | 7.00% $2,802/mo | - |
10-Year Fixed | 7.49% $2,924/mo | - |
0.5-Year Fixed | 7.94% $3,038/mo | - |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false
| Term | B2B Bank Rate | Canada's Lowest Rate |
|---|---|---|
3-Year Variable | 7.20% $2,851/mo | - |
5-Year Variable | 7.20% $2,851/mo | - |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time. false
Insured Mortgage
With mortgage default insurance, a borrower can borrow up to 95% of the price of their primary residence at the time of purchase. The underlying property can have between 1 and 4 residential units. This mortgage requires a minimum credit score of 600 and can be amortized over 25 years. Gross and total debt services should stay below 39% and 44%, respectively. No lender fee is charged.
Conventional Mortgage
Under this program, one can borrow up to 80% of the price of their primary residence with up to 4 units. This program can be used either to purchase your home or to refinance your mortgage and access the equity in your home. Your credit score should be 600 or greater, and GDS and TDS ratios should stay below 39% and 44%, respectively. Your mortgage should be amortized over a maximum of 30 years.
Alternative Conforming Mortgage
Individuals who cannot qualify for an insured or conventional mortgage can apply for an alternative mortgage. A B2B Bank alternative permits loan to value (LTV) up to 80% for a property which has between one and four units. They need to have a minimum credit score of 540 and should amortize their mortgage in 30 years or less. Debt service ratios can reach 55% under this program. You will likely face a lender fee under this program.
Alternative non-Conforming Mortgage
Individuals who cannot qualify for an insured or conventional mortgage or even an alternative conforming mortgage can apply for an alternative non-conforming mortgage. A B2B Bank alternative non-conforming loan permits loan to value (LTV) up to 65% for a property which has between one and four units. They need to have a minimum credit score of 500 and should amortize their mortgage in 25 years or less. Debt service ratios can reach 70% under this program. You will face a lender fee under this program.
Equity Mortgage
B2B equity mortgages permit the borrower to have an elevated debt service ratio if they have significant equity in their home. This program is for owner-occupied properties with less than five units. The property is expected to be well maintained and use municipal services in a municipality. The amortization period can be 30 years or less. Income should be validated, and the property should become the borrower's primary residence. This program can offer closed fixed-rate mortgages with 1-5, 7 or 10 years or 3 or 5-year variable rate mortgages. The property would require a full appraisal, and the down payment should come from the borrower's savings or assets.
Equity 50
Permits a total debt service ratio (TDS) as high as 65% if your loan-to-value (LTV) ratio is less than or equal to 50% and your credit score is 680 or more.
Equity 65
Permits a total debt service ratio (TDS) as high as 60% if your loan-to-value (LTV) ratio is less than or equal to 65% and your credit score is 720 or more.
Business For Self (BFS)
This program offers mortgages to self-employed individuals.
Business For Self (BFS) with Business Bank Statements
BFS lending program can be used to purchase an owner-occupied property with less than five units, a second home with less than three units, a vacation home or a rental property with less than five units. Owner-occupied and rental properties can have a loan-to-value (LTV) ratio as high as 75%. In comparison, second-home LTV for mortgages under this program can reach 65%.
Owner-occupied properties should amortize in 30 years or less, while rental properties and second-home mortgages should amortize in 25 years or less. A minimum credit score of 650 is required for owner-occupied properties and 680 for second homes and rentals. Maximum allowed values for TDS and GDS are 39% and 44%, respectively. Leeway in requirements may be offered in exchange for charging a lender's fee.
Under this program, one can purchase mortgage default insurance from Sagen for a primary residence with one or two units. Default insurance would limit amortization to 25 years but allow borrowers with a credit score of 680 or higher to borrow up to 90% of the home price. If you can put down a minimum of 20% of the home price, a credit score of 650 would suffice for this insured mortgage.
Business for Self (BFS) with Proof of Income
This subprogram is for borrowers who can prove their business income over the past two years by showing their tax returns. These borrowers can borrow up to 80% of the purchase price of a 1-4 unit property. They would require a minimum credit score of 600; their GDS/TDS should stay below 39%/44%. This loan should be amortized in 30 years or less.
B2B Bank Reviews
This bank has a rating of 1.5 out of 5 based on customer reviews recorded by Google. Reviewing customers seem to be particularly dissatisfied with their communications.