The Bank Said No.
Now What?

A bank decline is not necessarily the end of the conversation.

Banks operate within fairly rigid lending guidelines. If your income, credit, debt levels, property or overall application falls outside those guidelines, the answer can simply be no.

That does not automatically mean the mortgage itself does not make sense.

Alternative lenders are designed for situations that do not fit traditional bank underwriting. Depending on the circumstances, they may be able to look more closely at the property, the equity available, your overall financial picture and the strategy for eventually returning to traditional financing.

In many cases, an alternative mortgage is not intended to be a permanent solution. It can be a bridge that gives you time to correct the issue that caused the bank decline and put yourself in a stronger position later.

If your bank has declined your mortgage or renewal, the first step is figuring out why. Once we understand the reason for the decline, we can determine whether another lending strategy makes sense.