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Not able to qualify for a mortgage at your bank? An Ottawa mortgage broker can help you explore solutions with alternative lenders and private lenders.
There may come a time when your finances are not quite where they need to be to qualify for a mortgage with your bank. However, during this time you may want to buy a house, stop renting and start building equity.
Financial challenges that can arise from a separation or starting a family. Also from, a change of employment and the tightening of the mortgage rules, as examples. These challenges can make for a less favourable mortgage application.
Sadly, during these challenging times, one can quickly see that their bank was there for them in the good times but cannot assist in the down times.
This is one of the many reasons to review your mortgage options with an Ottawa mortgage broker. Your mortgage broker in Ottawa has access to not only banks, but also credit unions. In addition, they have access to alternative lenders, private lenders and more. With more options, you are more likely to discover a solution and qualify for a mortgage that meets your current financial needs.
Alternative lenders and private lenders may be able to provide a temporary solution for you. This solution can assist while you, for example, are working towards two strong income years with self employment. Or, while you are getting back on your feet after a bankruptcy and now have bad credit.
You can look at a one year term with an alternative lender or private lender. The shorter term will allow the flexibility to review your finances each year. At the end of the year we can see if moving back to a traditional lender is an option.
On a $300,000 house, with a 20% down payment, an example alternative mortgage or private mortgage payment over a traditional lender payment is approximately $95 a month higher. Although not ideal, if this allows you to stop renting, to take advantage of possible capital appreciation of your house and to gain equity from paying down your mortgage, an alternative lender option may be a good fit for you.
During this time, your Ottawa mortgage broker can work with you and help set goals. Also, to get you on the right track to qualify for a mortgage with a traditional lender.
Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.
