We recently helped a client obtain a mortgage approval after they’d been declined by their bank.

Why were they declined? They were working on a contract basis (not a permanent employee) at the time of application, which didn’t meet the bank’s income requirement. This is not an uncommon challenge.

The client was seeking a high-ratio mortgage (less than 20% available for a down payment)– he would occupy the home he was purchasing
Despite being contractually employed, client was in the process of obtaining permanent employment status within the organization, and was not on any sort of probationary period
Simply put, this was a timing issue from the bank’s perspective – there wasn’t anything they could do until his employment status changed
We assessed his situation, reviewed the documentation, and targeted a lender that took a common-sense approach to his file based on the facts

48 hours after working with the client and lender, he was approved. He’s since been awarded a permanent, full-time contract and has settled into his home. This is a classic case of understanding the client’s story, and targeting the right lender off the bat.

The client was referred to us by a new realtor – this deal became the realtor’s first deal.

A “win” for everyone involved.