Due to many mandatory requirements, banks are not allowed to approve many mortgage applications. This makes the borrowers think that it is them who are incapable of borrowing. It is not as such though.
A loan can be rejected for:
- A bad or no Credit History.
- Multiple tries or enquiries on your credit
- Too less or too much loan amount applied for
- In a Debt Management situation
- A High debt to income ratio
- Current employment situation or irregular income
Private lenders on the other hand, look for only their loan to value ratios. They tend to neglect your past performance and concentrate on your future potential. With a wide option of private mortgage in Oakvile, Akal Mortgages can help you find your suitable lender immediately.
Akal Mortgages ensure the approvals to be quick as we understand each situation and evaluate all its possibilities for borrowing. Securing an exclusive private mortgage policy for you is our aim from the very beginning of your application.