Case Study: Last-minute financingMortgage brokers offer many services that you just can’t get from your bank! Here is one example of how we helped a client qualify for a mortgage after their bank said it was impossible.
The Client: John** came to me with two years’ of experience as a medical radiation technologist. He’d spent approximately 20 months working at a hospital in Cape Breton before moving to Edmonton to obtain employment in the same field. Although he had three months’ of experience at a hospital here, he was still considered a casual employee.
The Challenge: Despite the fact that John had very good credit – and despite the fact that his brother, who also had great credit, was willing to co-sign for him – when it came down to obtaining financing, his financial institution declined him. They said they were unable to use his income to qualify him – leaving him in the lurch as he tried to make an offer on a home.
The Solution: John came to me at 3pm and needed financing to be completed by 9pm that evening. He brought all of his documentation with him, and we completed his mortgage application on the spot. Once he left the office, I was able to get in contact with one of our lending partners with whom I have a strong relationship. Understanding the urgency of the situation, they agreed to take a look at the mortgage application right away and, after receiving the appropriate documentation, were able to issue a mortgage commitment without any conditions in half an hour – rather than the typical 24 hours. Without our strong lender relationships, I don’t think this deal would have been possible!
Sandra Forscutt is a mortgage agent with Axiom Mortgage Solutions. You can reach her at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or Sandra.axiommortgage.ca.
**Not his real name**    |
