Why Did Canadalend Deny My Application?

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.


4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!