Getting denied for a mortgage in Ontario can feel devastating but it’s not the end of the road. In fact, thousands of homeowners and buyers are denied by banks every year, only to get approved with the right broker and lender strategy.
This guide walks you through exactly what to do next if you’ve received a mortgage rejection in Ontario, including why it happens and how to fix it fast.
Step 1: Understand Why You Were Denied
Mortgage applications can be rejected for many reasons, including:
- Low credit score
- High debt-to-income ratio
- Insufficient income or unstable employment
- Incomplete documentation
- Past bankruptcy or consumer proposal
The bank may give you a vague explanation but a mortgage broker will review your file and tell you what actually went wrong.
Step 2: Gather the Right Documents
To move forward quickly, you’ll need:
- Government-issued ID
- Proof of income (paystubs, bank statements, tax returns)
- Recent credit report (a broker can pull this)
- Mortgage application or pre-approval from the bank
- Property details (if already selected)
The better your documentation, the more options you’ll have even with past issues.
Step 3: Talk to a Mortgage Broker (Not Another Bank)
Traditional lenders (banks, credit unions) follow very strict guidelines. If you don’t fit their mold, they won’t bend.
A mortgage broker:
- Works with alternative and private lenders
- Builds a file based on your strengths (like home equity or stable income)
- Advocates for you with lenders who understand real-life scenarios
At Burke Financial, we’ve helped hundreds of clients get approved after being denied even within 24–48 hours.
Step 4: Explore Your Real Options
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Use a second mortgage to pay off high-interest debt and improve your ratios.
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Choose a short-term alternative mortgage for flexibility.
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Refinance to unlock home equity for urgent needs.
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Stage it: short-term alternative loan → long-term conventional refinance.
You have more than one path. A good broker maps multiple solutions.
Step 5: Rebuild Strategically
If you choose a short-term alternative solution now, you can work toward refinancing with a bank or credit union later. We’ll help you:
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Raise your credit score
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Track on-time payments
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Set a refinance timeline
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Return to mainstream lenders for better terms and longer options
Real Story: Mortgage Denial to 24-Hour Approval
A bank denied Marcus and Eleni from Ottawa after they made an offer on a home. They called Burke Financial. Within 36 hours, we secured approval with an alternative lender and they closed on time.
A mortgage denial in Ontario doesn’t end your plan for homeownership or financial stability. With the right team and a strategy built around your situation, you can move forward often within days.
Denied a mortgage in Ontario? We’ll help you rewrite that story.
Contact Burke Financial for a fast, judgment-free second opinion.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
