Why Did Canadalend Deny
My Application?
Canadalend is committed to helping
clients with mortgage requirements, debt problems and financing concerns. Our expert staff at Canadalend use years of experience in mortgages, debt reduction, bruised credit, debt consolidation,
mortgage renewals and refinancing, and home purchasing throughout the application process. Our practiced team is always committed to providing personalized
service that is professional, ethical and knowledgeable.
One of the primary goals at Canadalend is to provide
customers 100 percent satisfaction. The staff at Canadalend work very hard for
each individual client, but there are times when an application is
denied. Canadalend understands how disappointing it is for customers to find
out that their application has been denied. Although this may seem unfair, the
reasons given for rejecting loans are based on practiced reasoning. Instead of asking "Why did Canadalend deny my application?", read on.
Poor Credit History
Lenders will look at your credit history to determine whether
you are a risky investment or not. Before a lender agrees to forward any funds
to a potential borrower, they look at credit history for assurance that the
money they lend out is safe and will be repaid on time as agreed upon. The
lower a person’s credit score, the higher a risk that person is considered to
be by a lender. However, there are steps to resolve your credit problems and
boost your score. Mortgage and credit specialists at
Canadalend can review your
situation and work with you to create a solution that benefits you.
Insufficient Income
A lender can calculate if you are able to afford a mortgage
payment by looking at your income to debt ratio. The lender may reject your
application if it appears that you lack sufficient income for the size of the
loan you are seeking. Make sure to keep an accurate record of your finances and
assets and document all your income.
Inadequate Employment
History
Consistent employment history is very valuable when applying
for a loan. Many lenders may require two years of consistent employment before
approving a loan. Lenders want the assurance that you are able to hold down a
job long enough to pay back the money they lent you. Be certain to have proof
of employment in the form of pay stubs or past tax information, for example.
Inconsistent
Information
The lender may have found inconsistencies in your loan application
such as income listed on your application and information obtained from your
employer. Inconsistencies will need to be resolved before loan approval. Make
certain that your application is complete and accurate.
Property Appraisal Was
Low
A loan application denial does not always have to do with
the homebuyer. If the appraiser says the home you want to purchase is not worth
the money you are asking to borrow, the loan may fall through. The value of the
property may not be enough to back the amount of the mortgage. Many homebuyers
end up grateful, finding themselves in cases in which they will not be overpaying for the property and
can actually use the low appraisal to negotiate a lower sales price.
If you've had to ask "Why did Canadalend deny my application?" but are interested in speaking with a mortgage and credit
specialist to find out what your options are moving forward, simply contact
Canadalend.com. The experts at Canadalend look forward to working with you to
find your optimal financial solution.