Exceptions

Rules in life and in mortgages are made to be broken, on an exception basis. Lenders look at your mortgage application and judge it based on the 5C’s of credit ( Character, Capacity, Credit, Collateral and Capital). Having a strong strength in 4 out of the 5 would be grounds to request an exception.

Note however that if the area that is suffering is credit, it is highly unlikely an exception will be granted. Most often the exceptions are coming from the Capacity or the debt service component. This is usually due to the applicant’s above average credit rating, high net worth and low loan to value.

There is nothing to lose and everything to gain by requesting an exception to get your file approved and completed. We must just build the case to show a compelling reason for the exception. More often than not lenders are willing to do it if the strength of the other factors outweighs the deficit.

Today I am thankful for an exception that was granted that allowed one of my clients to become a homeowner, a wonderful visit to my brother’s cottage and 80K bike ride with friends.

“Nature provides exceptions to every rule.” Margaret Fuller

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here