Mortgage Qualification
Get Ready to hear the words - You’re Approved!
Here’s how we’re going to make it happen!
Step 1
The Discovery Call
Let’s Talk About What Went Wrong
In this step we’ll have a casual conversation and:
- Talk about your desired outcome
- Revisit obstacles the other lender brought up
- Review your financing challenges
- Explore different approaches
Now that we know a bit about you, let’s focus on getting you back on track. Starting to breathe a bit easier?!
Step 2
Develop a financing plan
Think of it like Tetris, but with Numbers
In this step we’ll work our magic behind the scenes and:
- Determine how to maximize your income & assets
- Look for ways to reduce/consolidate debts
- Offer suggestions to fine tune your credit score
- Submit your restructured application to several lenders
Financing makeover complete! Now that we have a plan to get you back on track, on to the next step!
Step 3
Meet Your New Lender
Don’t worry; we’ll do all the legwork
In this step, our experience/matchmaking skills shine through! And we’ll be there to:
- Get your new financing approved
- Explain all the terms and options
- Wrap up the lender’s conditions
- Help with transferring the relationship
We may have found a lender that understands your financial situation, but our work is not done!
Step 4
On Going Mortgage Reviews
Ironically, the end is just the beginning
In this final and ongoing step, we’ll be there to guide you through:
- Maximizing your self employed income for future approvals
- Suggestions to ensure a top notch credit score
- Annual reviews to confirm you’re on track
- A sounding board for other financial matters
After this stage, clients often comment on how easy we made the entire process and how much better they sleep at night, knowing they now have a lifelong mortgage advisor.
Mortgage Financing Plan in Place…
Don’t you feel lighter and more confident?!
Why use a mortgage Broker?
Banker vs Nishka Riley Mortgage Team
Nishka Riley Mortgage Team
Product Options
We have access to various lenders, providing a wide range of mortgage products.- Interest Rates
We can often offer competitive interest rates by shopping around among multiple lenders. - Personalized Service
We work independently and focus on your needs, offering personalized guidance. - Communication
We maintain clear and open communication, ensuring you understand the entire process. - Flexibility and Advocacy
We are your advocate. We work to find the best terms and conditions to meet your financing needs.
Banker
Product Options
Limited to offering only the products available within their own bank- Interest Rates
Bankers are confined to the rates set by their own institution, potentially limiting options. - Personalized Service
Bankers are constrained by the policies and procedures of their specific bank. - Communication
Bankers wear many hats and may not have the time to communicate the progress of your file. - Flexibility and Advocacy
Bankers represent the interests of their employer, which may not always align with the borrower's best interests.
How The Nishka Riley Mortgage
Team Can Help You
If you've been declined for a mortgage, it can feel like quite a personal blow. Over the past 20 years, we've been helping people like yourself call North Vancouver, Squamish and Vancouver home. Since we are a part of the Dominion Lending Centres network, we can access lenders like Scotiabank, TD Canada Trust, Manulife, Blueshore Credit Union, Community Trust and dozens more. Because of our lender relationships, we can find a mortgage solution that meets your needs. Most often, people are declined due to being self-employed or having credit challenges; regardless of the reason, you'll want to harness our experience to guide you out of this situation and toward a solution. We can help you navigate decisions like whether you should get a 2nd mortgage, how do you get your credit back on track, and whether you should consider private lending? We'll be there every step of the way and help you with each one. We’ve been here before and we know the way out. It’s why we are one of the highest ranked North Vancouver mortgage brokers by Google reviews.
Things to Know If You’ve Been Declined
Common questions and misconceptions
Equity / Net
Worth Lending
Don’t fit “the banker’s box”? Don’t worry! There are ways to bring your net worth into the credit decision. Some lenders only consider liquid assets. Others will allow real estate holdings and liquid assets. The trick is knowing who has the best allowances and rates to make your file work. That’s where our team comes in.
Fixing
Credit Scores
In 2017, the credit score algorithm was rewritten. That same year, government regulators advised the banks that credit scores must be the primary application criteria, ahead of the financial strength. Because of that, we are seeing more bank declines, even from super strong applicants. The good news is the credit algorithm can be hacked, and there are ways to get it quickly back on track.
Private
Lenders
Private lenders, unrestricted by government regulations, flip the standard credit decision matrix by looking at the property first and personal finances second. Because they take on more risks, their rates are much higher. The advantage of a private lender is they allow our applicants to seize an opportunity now while we develop a financing plan to move them to a traditional lender.
What Our Clients Are Saying
Get a feel of how we work with people just like you