When the bank says no, you're not out of options.
Alternative financing for Ontario homeowners
when income, credit, debt or timing doesn't fit traditional lending.
Sometimes the numbers work. They just don't fit the bank's rules.
Alternative lending may be worth exploring when your income, credit, debt structure or timing doesn't fit traditional mortgage guidelines.
Self-Employed Income
Your actual cash flow is strong, but your tax returns or income documentation don't tell the full story.
Credit Challenges
Past credit problems are preventing conventional approval even though your current situation has improved.
High Debt Load
You have equity in your home, but conventional debt-servicing rules are preventing the refinance.
Timing or Transition
You need financing now while another part of your financial situation is still being resolved.
Alternative doesn't mean second-rate.
Alternative lending simply means using a lender whose approval criteria are different from the major banks.
These lenders may place more weight on your property, your actual cash flow, your equity position or your overall plan instead of relying entirely on conventional lending guidelines.
The right solution depends on why the traditional lender said no and, just as importantly, what the exit strategy looks like.
Why would the bank say no?
A bank declining your application doesn't necessarily mean the mortgage doesn't make sense. It may simply mean your situation doesn't fit the way that lender is required to underwrite it.
The goal usually isn't to stay with an alternative lender.
Alternative financing is often a bridge. Solve today's mortgage problem, then build a realistic path back to conventional financing when possible.
The bank says no
Income, credit, debt or timing prevents conventional approval.
Solve the immediate problem
Use an appropriate alternative mortgage structure to move forward.
Fix what needs fixing
Improve credit, reduce debt, document income or allow the situation to season.
Return to conventional lending
Refinance when your situation once again fits traditional lending guidelines.
Tell me what's going on. We'll start there.
You don't need to know which mortgage you need. Tell us what happened, what you're trying to accomplish and where the bank said no. We'll tell you what is realistically worth exploring.
Tell Me What's Going On →