5 Reasons Why The Bank Didn’t Approve You!
Your credit score is not high enough, or you have no credit, or your credit
hasn’t been reported long enough.
You may not show enough income to support the mortgage amount you’re
looking for or your income, if self-employed, hasn’t been for a long enough
Your debt load may be too high. This affects your debt service ratios TDS
and GDS to the point of no longer qualifying
Do not lie on your application. This is serious. It’s considered fraud. Remember, a lender at any point and time can withdraw their approval if they find that you’ve lied on your application.
5)The Property You Chose
Very rare but does happen. You’re fine the bank likes you but the property
you picked has issues that the lender is not comfortable with and thus isn’t
willing to fund the mortgage. i.e. water penetration issues in a condo development.
The good thing is, all the reasons above can be altered and in no time you will be in your new home.
Happy house hunting.
Owner and mortgage broker
604 303 9000
Bello Mortgage Corp.