Mortgages For Those Who Don’t Meet The Banks Approval Process Exists

By: Tracy Green

mortgage

LET US HELP YOU!

For many people the approval process with the banks can be gruelling. Tracy Green Mortgage Broker (level 2 licensed to provide all mortgages including private funds) owner of Ontario-Wide Financial has been a mortgage provider in the industry for 37 years and has always had the “if there’s a will there’s a way” approach. She says “for myself as a broker I kind of refer to what I do as assembling a jigsaw puzzle, you must work with the pieces until they all fit, sometimes this means being creative. Many of my clients feel defeated with the banks sometimes timely approval process and unwillingness to think outside of the box, whether the reason is bad credit, self employed, previous bankruptcy, consumer proposal, mortgage or tax (property or CRA) arrears, location, type (out of town , farm or hobby farm) or condition of property, age, clients on disability or clients looking for short term financing.

Whatever the reason, the banks are unwilling to lend. Well let me tell you that there are alternative lenders willing to work with open eyes to help these clients achieve their mortgage goals and work through the tough times. Especially over the last few years many people have been affected by numerous issues with the pandemic, loss of income and interest rates soaring in a short period of time. People don’t realize that there are alternative lenders willing to help. “NO” this does not mean you will be paying extortionist rates and unreasonable terms and conditions! My objective and job are to find the best mortgage product (Mortgages, HELOC, credit lines) based on my client’s situation at the best rates.

Undoubtedly these clients are not going to get “A” bank pricing, but they will get a fair shake and in most cases the rates are not too far off from what they would get if they had qualified at a bank. In my experience there are really 3 categories of lenders, “A lenders (the banks/ credit unions) “B” lenders (still institutional with more flexible lending) and “Private lenders” (private individuals who invest in mortgages) As a broker I work down the ladder to see where the best fit is for my client. The second part of my process as owner and broker of Ontario-Wide Financial is to work with the client to establish what needs to be done to become bank qualified down the road if that’s my client’s goal. Here at Ontario-Wide Financial I work with my clients to create an exit plan to get them back on track. This may be simply helping to repair and clean up credit, settle overdue accounts and collections and guide the client to be “A” lender approved in the future.

The process depending on the individual’s situation usually doesn’t take longer than a year and we can go as high as 80% of the value. Self employed and small business owners know how frustrating obtaining mortgages can be, having to through endless paperwork only to be turned down or offered much less than applied for. I can also help with this process and in most cases provide several opportunities and options without having to provide years and years of financial statements and paperwork for these clients. And in many cases these clients prefer to stay in the “B” lending category or private sector as it meets their needs better than a bank. The bottom line is that there are endless situations that can be overcome with the help of a professional.

The best reason to call Ontario-Wide Financial is you will be working directly with Tracy Green the owner and broker. We are not a huge conglomerate company, just a small brokerage that can do big things to improve our client’s lives and finances! “I prefer to work with my clients on a person-to-person basis with no judgement” to make sure they know their options, understand the process and product and meet their goals. While in some instances I may not be successful I will do my best to offer advice to my client as to alternatives and other services that may be able to help with their individual situation.

All in all, I will do my best to provide you with as many options for the best possible outcome with a fast and painless process as possible. Call or apply online.