Sub-prime Mortgages in Edmonton (Bank Turndowns)

How do our Edmonton mortgage brokers finance so many clients that have already been turned down by their banks? Here are a few of the reasons:

1. All prime mortgage lenders go through the same insurers (CMHC/ Genworth) but they do not all adopt the insurers guidelines. Many lenders have much more stringent guidelines than the insurers.
2. Edmonton mortgage brokers have taken schooling and provincial licensing courses in order to become a specialist in the industry; however your loans officer may have had little to no training at all, nor is he or she required to have it as an employee of the bank.
3. Many clients require a specialty mortgage product that their bank does not participate in for one reason or another. In these cases you need an Edmonton mortgage brokers working for you that knows about the product and where to find it.
4. The lower the mortgage rate you get from your lender the more house you qualify for based on the debt ratios. Also, different lenders use different qualifying ratios (some lenders still use a 32/40 ratio while others will except up to a 44/44 ratio. We know which lenders use which ratios; it makes a very big difference in the amount you qualify for).
5. An Edmonton mortgage broker will have the experience and know how to restructure debts to get debt service ratios in line.
6. If the insurers turn your deal down, your bank is out of options. We have access to sub-prime mortgages in Edmonton.
7. Only an experience mortgage broker will know that deals declined by the insurers can still be escalated for an exception.
8. Only someone with a vested interest will put the time and effort in to fight for your deal. Remember, we only get paid if we get you a mortgage.

Call one of our Edmonton mortgage brokers today and let us evaluate your situation; there may still be options for you when your bank says 'no'.

Edmonton Mortgage Brokers