When searching for a mortgage, most people think about going to the nearest branch of their bank. They normally have excellent customer service and deliver exactly what you require. But What to Do if Your Mortgage Application is Rejected?
If the bank refuses to lend you money, the best solution is to understand why the bank won’t give you a mortgage. You should know that there are other options.
Various lenders, not just banks, can be found in Canada. Financing is available from financial institutions other than Canada’s major banks. Including Co-ops, credit unions, investment firms, and others are among the lenders open to you. If one of the big five banks rejects your loan, you can always try your luck with a different tier of financial institutions.
Obtaining funding from a private lender is an opportunity that is often not known. In comparison to larger financial institutions, private lenders typically close deals quicker and have fewer application conditions. Private lenders are always the best option if your credit score is an issue.
Since private lenders are only interested in the appropriate loan-to-value ratio, getting approved is a lot simpler. Many of them are unconcerned about your credit history or debt-to-income ratio.
A mortgage broker will assess your situation and determine the best solution for you based on their previous experience.
The big banks usually can only offer their own products. Working with a Mortgage broker gives you access to many banks or other institutions. They save you time and paperwork instead of you having to go bank to bank and getting the best terms.
Whether you need assistance restoring your credit or obtaining funding from a different lender, Freedom Capital will assist you in achieving your objectives.
If you own a home, a Freedom Capital equity takeout can be applied to a down payment. This is an ideal solution if you are looking to construct or add a rental or vacation property to your investment portfolio. What to Do if Your Mortgage Application is Rejected, Freedom Capital has your back.