If your mortgage application was rejected by the bank, we have good news for you. You are not alone, and there is a solution. It is very common for buyers to seek alternative lenders when the bank has turned down their mortgage application. This can happen due several reasons:
1. A Poor (or lack of) Canadian Credit History
2. Questionable Income Stability
3. Lack of Down Payment Funds
With a credit score that is below 600, you will be considered a challenged applicant by most banks, and the only other option is applying for the mortgage with non traditional lenders. Those are available in Canada but are not many and usually don’t have branch offices, making them accessible via brokers only.
Banks in Canada set a rigid set of restrictions for mortgage applicants and what’s worse, they differ between themselves, too. The result is that you will save yourself a great deal of hassle by dealing with a mortgage broker. We will need only one application and take it from there. We will represent you to the lenders, saving you the time and frustration involved in the otherwise endless shopping process.
We help aspiring homeowners with bad credit circumstances by connecting them with non traditional lenders and making your home purchase possible. After all, every family deserves a home to live in, especially with the insane prices for rent that we are witnessing lately.
Alternative Lenders are known to "think outside of the box" and we can put our experience at your disposal and secure a mortgage for you, sometimes at such a rate that you will be happy the bank rejected your application in the first place.
A question we are asked often is who are the non-traditional lenders. This category of alternative mortgage lenders consists mostly of trust funds and private lenders. Terms and mortgage rates are normally set based on the risk factors presented by your specific set of financial circumstances as reflected in the application. We will make sure it looks it’s very possible best and negotiate the best possible rate.
What’s even better, once an alternative lender accepts your application, you can find yourself on the way back to traditional lenders with a new and improved credit history.
For more information, don’t hesitate to call Super Rates - a source of solutions for any mortgage related problems!