Your bank won’t approve your mortgage? – It’s not the end of the world!
There are instances when a clients income and credit profile doesn’t comfort to bank requirements. While federally prescribed underwriting is obviously important, it is sometimes restrictive. For instance, self-employed clients may be unable to verify all of their income. It is possible that a client hasn’t established credit in Canada, or has less than perfect credit. Perhaps they have a high-debt load or have filed for bankruptcy or a consumer proposal.
Often times if a client has had a mortgage go into foreclosure or power of sale a lender might not approve you for a bank mortgage. In other situations, the lender may have an issue with the property value, zoning, location, or type.
The good news is that we work closely with institutional and private lenders who assist clients who cannot fit into the bank box. We have mortgage solutions to help you purchase, refinance, and construct real estate in Ontario and British Columbia.
You may require bridge financing or need to close on a purchase with a closing date quicker than a bank can accommodate. Or you might be facing a power of sale and require assistance to keep your home. Perhaps your bank is not willing to offer you a renewal or they have called their loan.
Granted alternative financing has a premium, the benefits of homeowner or refinancing might make the most sense. Typically alternative or non-bank mortgages are a short-term band-aid solution. Get in touch to find out more!