If your bank said no, Neha Joneja, a Mortgage Agent Level 2 in Brampton, reviews why and looks at other lenders: credit unions, alternative (B) lenders and private lenders. She arranges private and specialty mortgages for complex files, explains the costs and exit plan clearly, and works in English, Hindi or Punjabi.
- 4.8 on Google (18 reviews)
- FSRA-licensed brokerage #13812
- English · हिन्दी · ਪੰਜਾਬੀ
- Women-owned
Why do banks decline mortgage applications?
A bank decline usually comes down to one rule, not your whole file. The most common reasons are debt service ratios (the share of your gross income going to housing and other debts), income the bank can’t verify the way it wants, recent credit problems, or a property type it won’t lend on.
Those rules vary by lender, and a file one bank declines can sometimes be approved by another A lender. The first step is finding out exactly why you were declined.
What are your options after a “no”?
Neha works through the lender tiers in order, starting with the lowest-cost option.
- Another A lender or credit union. Banks and credit unions treat rental income, overtime and co-borrowers differently.
- An alternative (B) lender. These are regulated lenders outside the big banks with more flexible income and credit rules. Rates and fees are higher than A lenders, and terms are often one to three years.
- A private lender. Individuals or private mortgage companies who lend mainly on the equity in the property. This is the most flexible and the most expensive tier.
When does a private mortgage make sense?
A private mortgage in Brampton is a short-term tool for a specific problem. It can help you close a purchase when timing won’t wait, pay off tax or property tax arrears, stop a power of sale, or give you time to rebuild credit or file two years of business income.
It’s rarely the right long-term home for your mortgage. Expect higher interest, lender fees and a brokerage fee, and terms that are often interest-only for a year or two. Before you sign, you should know exactly how you’ll move back to a B or A lender at the end of the term. A sound private mortgage starts with that exit plan, and Neha maps it out with you before anything is signed.
Approval subject to lender criteria (O.A.C.). Rates subject to change. Examples are for illustration only.
What should you bring to the first conversation?
Bring the decline reason if you have it, your mortgage statement or purchase agreement, and recent income documents. Self-employed? See what lenders look at on the self-employed mortgage page. Clearing debts? Compare a debt consolidation mortgage from an A or B lender first.
A difficult situation is often easier to explain in your first language, and Neha can talk it through in Hindi or Punjabi. Book a consultation online or at the Hurontario St office.
Frequently asked questions
My bank said no. Does that mean no lender will approve me?
No. Each lender sets its own rules on income, credit and property type. A decline tells you which rule you missed at that lender, and another lender may assess the same file differently.
Is a private mortgage only for bad credit?
No. Private lenders also help with tight closing dates, unusual properties and income that’s hard to document.
Will checking my options hurt my credit score?
Neha only pulls your credit with your permission, once you’re ready. Because she can compare several lenders from one application, you avoid applying at bank after bank on your own.
What does a private mortgage cost compared to a bank?
More, in both interest and fees. You receive written disclosure of the costs before you commit, and Neha walks you through it so you can compare it with the cost of waiting or of the problem you’re solving.
Last reviewed by Neha Joneja, Mortgage Agent Level 2, November 2026. General information only, not financial advice for your situation.