Some of us have been there, A denied mortgage from the bank can be very stressful.
The bad news is that, a mortgage rejection from one major or big bank in Canada, typically means that you are very likely to be rejected by all the big banks accross the nation.
- Sad but true...
The reason behind this is that, major banks typically share the same lending criterias to create an industry standard.
Matter-of-fact, there's nothing really special about major banks except the possibility of a better rate.
Another harsh truth is that, big banks typically do not care, even if you had any account with them for many years and this is simply because the big banks relationship with customers are 100% 'transactional' - which is not in the best interest of the homeowner.
Realistically when times are hard and things are tough you should always remeber that these major banks will never help you if you do not meet their 'special criterias'.
It's better to leverage a mortgage agent if you are considering a home loan or mortgage.
A great mortgage agent can help you avoid getting rejected so that you don't take a huge hit on your credit.
But can also give you the bonus of saving you thousands of dollars if not more.
Get Approved Regardless Of Your Current Situation