Have you ever been in a relationship with someone who doesn’t see your worth? Oh, it started out well, but once they got what they wanted they stopped opening the door for you. Or worse, when they didn’t get what they wanted then things became very uncomfortable for you. How did I become someone’s doormat?
How Your Bank Sees Your Mortgage
There is a connection here in the world of mortgages and your relationship with your bank. They ‘Wow’ new customers in the door with trinkets and gadgets and pull out your chair so you feel like they adore you. They whisper sweet promises in your ear of how your relationship with them will go and all the promises of where they will take you. It seems like you have found a partner who values you for who you are.
Then you receive the first letter from the bank that includes language that makes you question their devotion. The tone seems one sided to getting what they want from you. You brush it off and feel like this was just a misunderstanding so you keep on ‘loving’ your banker.
Here is where things take a turn. You’ve been together for a number of years and your credit took a turn for the worse. Hey, life happens. But now when you look to the bank to help you restructure your mortgage you not only get a cold shoulder, but what feels like a slap in the face as well.
Bad Credit = Bad Bank Relationship?
I want to be the first to tell you that you are worth better than this type of treatment. That there are mortgage lenders (lots of them) who will ‘Wow’ you with excellent customer service and they will call you in the morning. They have mortgage products for exactly where you find yourself today. Here are some of the lenders that work with you on your mortgage, even with bruised credit.
- Mortgage Finance Companies – there are divisions within the companies that most mortgage brokers refer to that have products tailor made for clients whose credit is bruised. And the pricing is typically just a bit higher than those who have perfect credit.
- Credit Unions – one of the advantages of a credit union is that they are provincially regulated. All this means to you is that there are different rules than the big banks and better treatment of those who have items to overcome, of the credit kind.
- National Equity Lenders – this is the third option for those with bruised credit. As this type of lender puts more emphasis on the home itself, they care less about your credit and can still offer you a mortgage, even with ongoing credit issues.
Getting Clarity On Your Mortgage Options
Now in talking with thousands of Ontario residents there is a condition out there. It is like when you know someone stuck in an abusive (bank) relationship but they just can’t seem to leave.
There is a tool to help get clarity surrounding how the bank is actually treating you. It’s called a ‘Financial Mirror’ and once we look into it the truth about this relationship comes soberly to light. The bank is not the best lender for you at this time.
When you look for a Mortgage Broker, choose someone who looks at your whole story and still has an attitude to help. I help my clients as a lending matchmaker and I take the stress away because I have already vetted lenders and I am willing to take the time to find one that will validate your worth, even with bruised credit.
Find out more about all the things you need to know about Bad Credit Mortgages
Mortgage Match Made in Heaven
So you’ve gotten up the courage to leave your bank (or at least threaten them) and you have vowed to yourself to never be treated like that again. Way to go!
Here is my hope. That you take the time to smile big and say out loud…I AM WORTH IT! I can picture it now…I can see you eating dinner with your loved ones and you introduce them to this fine lender…the one who has been treating you so well. Your loved ones looking on in approval. Reach out today – I know you’re worth better!