From Rejected to Approved: A Mortgage Comeback Story
Let me tell you about a client I recently helped – let's call him "Mark" to protect his privacy. Mark was a successful contractor, running his own business for years. He was tempted away by a shiny new job offer with promises of big bonuses. Unfortunately, those bonuses never materialized, and after a few months, Mark realized the grass wasn't greener after all. He returned to his old contracting job, and was able to pick up right where he left off.
Now, Mark needed to renew his mortgage. Simple enough, right? Not so fast. He went to his bank, CIBC, and they flat-out refused him! They wouldn't consider his self-employment income because of the short gap when he tried the salaried position. To make matters worse, they also wouldn't consider his wife's teaching income because she was on a temporary contract, even though it was already confirmed in writing to become a permanent position in February! He was understandably frustrated and disheartened.
That's when Mark's colleague, a past client of mine, recommended he give me a call. As soon as I heard his story, I knew I could help. And guess what? We got him an approval with Scotiabank! He was so relieved, he actually asked me, "Why are you so much better at this?"
“Why are you so much better at this?”
Here's the thing: banks can only offer you their own limited products. They don't have the big-picture view of the entire mortgage market. As an independent mortgage broker, I have access to hundreds of lenders, each with their own strengths and weaknesses. I know which lenders are more likely to say "yes" to different types of borrowers.
Even though Mark's situation needed a small exception, my strong relationship with Scotiabank and my ability to clearly explain his circumstances helped us secure the approval.
Here's the key takeaway: Every homebuyer – whether you're a first-timer, renewing, or refinancing – should start with a trusted mortgage broker. We have the knowledge and expertise to find the right mortgage for you, even if your situation is unique. And if for some reason we can't help you directly, we'll point you in the right direction to get the solution you need.
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Renee Hamilton
Your Homeownership Journey Starts Here.
