Declined Mortgage
Banks are known to be tough for mortgage approvals, so what happens when your you get your mortgage declined? People often think when their bank says no it’s a no. How can you blame them, the bank has known you since you were ten and you opened your dino account. They have known your dad and your grandpa. So if they decline your mortgage application is must mean you cannot be approved. However, the days of relationship banking are gone, and mortgages are no exception. Not all declines are the same in the mortgage world. So when your bank declines your mortgage application what they are really saying is the file doesn’t fit their criteria.
In Canada, the government and insurers dictate the guidelines that a bank has to approve a mortgage within but they don’t dictate the ways they need to approve those stipulations. For example, one lender may take a recent pay stub and a letter from your boss as income confirmation, while another may look at your bank statements for the last three months.
A mortgage declined is not a final answer, it is a final answer at that specific bank at that specific time. So just because one place said no thats not a final answer and thats why a Broker is your best option.
What are your options when declined:
- Cosigner
- Another A lender
- An alternative lender (B lender)
- A private lender
Feel free to message me today about your options when you have been declined.