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What Do I Do If My Mortgage Application Has Been Denied? How Private Lenders Can Help Canadians

First Time Buyers

If you, like many other Canadians, are looking to make the leap into home ownership in 2023, you know that the Bank of Canada’s interest rate hikes have changed the lending environment.

Some Canadians who would’ve been approved a year ago are now being denied by traditional lenders – and now these hopeful homeowners are looking for a solution to their problems.

This is where private lenders can step in and help you secure the perfect mortgage product for you and your family.

So How Can a Private Lender Help Me and What Unique Advantages Do They Provide?

Big banks and traditional lenders have consistently maintained a rigid set of criteria for borrowing eligibility, and private lenders have become integral in serving those who are hurt by this rule set.

Here’s how a private lender can help a Canadian who has been denied by a traditional lender and some of the unique advantages they provide:

  • More Relaxed Borrowing Qualifications
  • Faster Funding For Your Home
  • More Flexibility For Funding
  • Better Understanding of Self Employed Applicants

More Relaxed Borrowing Qualifications:

Ever since the financial crisis of 2008, traditional lenders have guarded themselves heavily against taking on what they consider “risky loans''.

This has locked out quality borrowers from being able to become homeowners, but private lenders are willing to look past appearances and evaluate prospective borrowers more in depth!

When we talk about relaxed borrowing qualifications, this means that a private lender takes a more thorough analysis of the applicant, which is good for anyone who has been turned down by a traditional lender.

Faster Funding For Your Home:

Private lenders have a more streamlined approach when it comes to the qualification of an applicant and the overall process of funding deals.

This is not only beneficial to the borrower, but also to the seller of the home who the borrower is buying from!

Faster funding helps you spend less time in limbo and prevents you from having to move in with your in-laws while your new home is being held up by red tape!

More Flexibility For Funding and Better Understanding of the Self-Employed:

Traditional lenders have a standard operating procedure that they must follow when funding a deal, and this can be a part of the reason why an applicant is denied.

However, a private lender sets their own rules!

A private lender gets to determine what they need to see from a borrower, so this is advantageous for people with non-traditional jobs, or the large self-employed segment of the country.

A self-employed Canadian who makes enough money to own a home should be able to do so. That’s why at Sherwood we tailor fit our approval process to meet the needs of hard working self-employed Canadians!

If You’ve Been Denied By a Traditional Lender, Call Sherwood!

Sherwood Mortgage Group works with cases like yours everyday.

If you’ve had trouble working with a traditional lender, don’t give up on your dream of homeownership! We’ll use all of our resources to make a thorough analysis on your application and set you up with the best lenders we have to offer.

Give us a call at 1 - (877) - 241 - 6001 to talk about your options today!

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