Where To Go For A Mortgage If You’re Rejected By The Bank?

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Where To Go For A Mortgage If Youre Rejected By
The Bank?
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• Its not always easy to qualify for a mortgage,
  and with government regulations increasingly
  targeting down payments, high ratio buyers and
  investment properties, more and more Canadians
  including those who are self-employed, living in
  rural areas or have a poor credit history - are
  continuing to struggle to qualify for a home
  loan.
• With this in mind, more mortgage hunting
  Canadians are now seeking help from private
  lenders, and while these are often thought of as
  being a last resort and not an option you would
  seek if given a choice, they can actually prove a
  fortuitous choice for many.

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• So, if youve been rejected by any (or all) of
  the major banks, head firstly to a mortgage
  broker, who will explore all of the options
  available to you, including seeking a loan from a
  private lender. Once theyve assessed your
  specific circumstances and plans for the future,
  among other factors, theyll go on to give you
  several recommendations that dont always include
  the big banks.
• How do private mortgage lenders operate and what
  are their benefits?
• Simply put, a private mortgage is one that is
  offered by an individual or company, instead of
  banks and other, more traditional finance
  providers.

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• Private mortgage lenders operate differently to
  banks and traditional finance providers in a
  variety of ways, and have more freedom to set
  their own criteria for lending. In turn, their
  application process is more flexible, and theyre
  not required to deal with the strict guidelines
  put in place by the major institutions. For those
  Canadians with economic or personal circumstances
  that fall outside of the conventional guidelines,
  this could mean that a private mortgage lender is
  your best option.
• Your mortgage broker will give you further advice
  and guidance about private lenders, and will
  inform you that such lenders typically lend
  taking location into consideration. Private
  mortgages are uninsured, so should a default
  occur, the lender will fall back on the property,
  making its location important when theyre
  determining whether you qualify for a private
  mortgage.

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• Who could benefit from a private mortgage?
• If you fall into any of the below categories,
  then it might be worth talking to your mortgage
  broker about seeking a loan from a private
  lender. Having said that, the main advantage of
  working with a broker is that they automatically
  search a variety of lending options for you, and
  may recommend a private lender anyway
• Self employed
• Wish to buy land or a unique style of property
• Have a poor credit history
• Want to invest in real estate

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• Need to access equity in your home, but without
  having to refinance your mortgage due to
  penalties
• Wish to renovate an existing property
• Need to consolidate a high interest rate debt
• Are seeking a short-term loan
• Growing in popularity, private mortgages are
  continuing to be a viable option for many
  Canadians seeking to buy a property, and with the
  help of a qualified and experienced mortgage
  broker, you should easily find an alternative
  lender to the major banks.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best calgary mortgage broker and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for a mortgage broker in Calgary,
  with Luke Wile you can get fast and personal
  expertise for your mortgage!