Mortgage Brokers Mortgage Information for Ontario, Canada | Page 5

The Best Mortgage Information in
Ontario, Canada
What do you do if you get declined for a mortgage?
 If the bank advises you that you have no credit history and cannot qualify for a mortgage at
this time, do not despair. There are ways you can start working towards establishing a
qualifying credit history: open up a small credit card and start paying the bills on time each
month, using the credit available in a responsible manner. You can also take out a loan at the
bank; just ensure you make payments on time, or this could affect your credit negatively.
 Many banks will also want you to cover a portion of the home’s costs. For instance, with a
conventional mortgage loan in Canada the bank covers 80% of the price for the property and
the borrower is required to come up with the remaining 20%.
 If you have been declined a mortgage by a conservative bank or trust company, there are
other options. There are private lender financing loans available to give borrowers a second
chance at getting a mortgage loan funded.