How We Can Help You Get Your Mortgage Approved

What Can Cause Your Mortgage Application to Be Declined?

Being declined for a mortgage can be discouraging, but a decline from one lender doesn't necessarily mean you can't get approved elsewhere.

Every lender has different lending guidelines, and a mortgage broker can help review your situation and explore other potential solutions.

Here are some common reasons a mortgage application may be declined:

1. Credit Issues

Late payments, collections, defaults, consumer proposals, bankruptcies, or a lower credit score can make it more difficult to qualify with traditional lenders.

How we can help: We can review your credit history and look for lenders whose lending guidelines may better fit your situation.

2. High Debt

Credit cards, lines of credit, car loans, personal loans, and other debts can affect how much you qualify for.

How we can help: We can assess your overall debt position and explore mortgage options that may work with your current financial situation, including potential debt consolidation strategies.

3. Income Qualification

Not all income is treated the same way. Self-employed, commission-based, contract, or variable income can sometimes make qualification more challenging.

How we can help: We work with lenders that offer different approaches to income qualification and can help determine which options may be suitable.

4. Employment History

A recent job change, probationary employment, gaps in employment, or inconsistent income may create challenges with some lenders.

How we can help: We'll look at your employment and income history and help identify lenders whose requirements may be a better fit.

5. Insufficient Down Payment

You need to meet the minimum down payment requirements, but you also need to budget for closing costs and demonstrate the source of your funds.

How we can help: We can review your available funds, down payment, and overall purchase budget to help determine what may be realistic.

Declined by Your Bank? Don't worry.

If you've been declined, we can help you understand why, review your application, and explore mortgage solutions from other lenders - including options outside the traditional banks.

Whether you're dealing with credit challenges, high debt, self-employed income, employment changes, or a limited down payment, there may still be a path forward.

Before giving up on your homeownership plans, connect with Brevity Capital.

When you work with us, you get access to more lenders, more mortgage options and more flexibility.

Reach out today for a free consultation and let's build a strategy to get your mortgage approved. When you work with us, you get access to more lenders, more mortgage options and more flexibility.

Mississauga Office: (905) 814-4455
Email: [email protected]

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