Getting a mortgage denial from a bank can be frustrating, especially when you’ve found the perfect home in Ottawa. But the truth is, a “no” from the bank doesn’t have to be the end of your journey.
With the help of a mortgage broker, many Ottawa buyers and homeowners are getting approved through alternative lenders in as little as 24–48 hours.
Why Banks Deny Mortgage Applications
In Ottawa, banks and credit unions follow strict federal lending rules. Common reasons for denial include:
- Low credit score
- High debt-to-income ratio
- Irregular or self-employed income
- Past bankruptcy or consumer proposal
- Incomplete documentation
How a Mortgage Broker Can Change the Outcome
A mortgage broker works with dozens of lenders, including alternative lenders, who focus on real-life situations rather than rigid checklists. They can:
- Approve borrowers with credit challenges
- Use your home equity to secure the loan
- Offer flexible repayment options
- Move quickly to meet deadlines
Steps to Take After a Mortgage Denial in Ottawa
- Get a Clear Reason – Understand why your application was rejected
- Gather Your Documents – ID, proof of income, mortgage statement, and property details
- Contact a Broker Immediately – The sooner you start, the more options you’ll have
- Explore Your Solutions – Second mortgage, home equity loan, or short-term private mortgage
Close and Move Forward – Many approvals can happen within days
Real Ottawa Success Story
Alex and Priya from Orleans were denied by their bank just days before their purchase closing. They contacted Burke Financial, and within 36 hours, we secured approval from an alternative lender, allowing them to close on time and keep their dream home.
Why Timing Is Critical
If you have an active offer or looming deadline, every day matters. Mortgage brokers can fast-track applications with lenders who specialize in urgent approvals.
Final Tip: A mortgage denial in Ottawa doesn’t mean the end, it just means you need the right lender and the right strategy.
Denied a mortgage in Ottawa? We can help you turn that “no” into a “yes.”
📞 1-866-702-9394
🌐 www.burkefinancial.ca
