Woah! That’s what a surprising amount of Barrie residents are saying when they hear from the bank that the mortgage for their home purchase is in jeopardy! Another common scenario is when you applied for a loan and get the decline – total shock! You were always able to get it in the past. What changed?!
Mortgage Lending Rules Have Changed
We live in a different world of mortgage lending. Since the 2008 financial crisis – the powers that be have been progressively introducing new lending restrictions and new mortgage rules in order to curtail reckless lending practices that supposedly led to the problems in the US. The big banks and any federally regulated financial institution has a different set of marching orders to adhere to when they look at your mortgage application.
How Lenders See Your Barrie Mortgage Today
This can make your life difficult if you are on the receiving end of a notification from your bank that your are 30 days from closing and you don’t qualify for the mortgage you were pre-approved for a year ago. Or you approached the place of business you have done your banking with the last 15-20 years and never had an issue in getting a home equity line of credit or a home renovation loan and bam – declined! These are some of the hard realities folks in Barrie are having to deal with and not by their own making.
Bridge The Gap With Private Mortgage Money
For those facing the time crunch of getting the keys to your home versus a potential law suit for not being able to meet your legal obligation – I wrote a piece of how to successfully purchase your home with Barrie private lenders which will show you how to complete your mortgage financing in a timely and cost effective manner. If you have been declined for your bank loan for any reason – be it a simple debt consolidation loan, home equity loan, or just a private mortgage loan for your own reasons (fancy that) – it is time to take the situation into your own hands and get the job done. Working with a reputable Barrie mortgage brokerage will move you to your goal.
I welcome your specific questions below or you can contact me and let’s get started!