A Guide To Finding Your Way Around Mortgage Issues

Navigating the world of mortgages and debt consolidation can be tricky, and you may find yourself in a situation where you need help. However, having the correct information and guidance can make things considerably easier.

If you’re feeling stressed about your mortgage situation and are wondering where to turn, Rowan Smith Mortgage Broker - City Wide Mortgage Services wants to offer you guidance on the matter. Here are a few mortgage issues many people face and some guidance on dealing with the problem.

1. Has your bank declined you for debt consolidation?

Debt consolidation is an option that many people consider when they have multiple debts to pay off. It often involves taking out a loan to pay off all existing loans and debts at once. If your bank has declined you for debt consolidation, it could be because of factors such as poor credit history or failure to meet income requirements. The best course of action is to speak to an experienced financial advisor who can look into your specific case and advise on whether other lenders might accept your application.

2. Why don’t I qualify for a mortgage?

When applying for a mortgage, there are several factors to consider. These include credit score, income level and stability, job history, savings history, and debt-to-income ratio. If any of these factors don’t meet the lender’s criteria for approval, then it is likely that you will not be approved for a mortgage. It’s essential to speak with an experienced advisor who can help assess why you didn’t qualify and provide advice on how to improve your chances in the future.

3. I don’t want to potentially lose my home. What should I do?

Foreclosure is an incredibly stressful situation that no one wants to face. If you are facing foreclosure on your home, it’s important to act quickly and reach out to an experienced financial advisor as soon as possible who can work with both you and the bank to try to find a solution that works best for everyone involved. This could include restructuring existing loans or working out a repayment plan that allows you more time to pay back what is owed in installments instead of one lump sum payment.

If you’re looking for a mortgage broker in Vancouver, BC, reach out to me at Rowan Smith Mortgage Broker - City Wide Mortgage Services. As a leading mortgage broker, I have access to ways to get a second mortgage, thereby preserving your (likely) lower rate on the existing mortgage. I can still get you money, even when the bank says “no.”

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