Refinances
Refinancing, including the ones that get declined.
A refinance is often the most useful thing a mortgage can do for you — and it's quietly turned down every day, usually because of how the file was presented rather than what's in it.
Why refinances get declined
By the time most people refinance, something has changed. Income looks different. Debt has built up. Credit took a knock somewhere along the way. Every one of those is a reason for a lender's system to hesitate.
The frustrating part is that the reason you want the refinance — restructuring debt into something manageable — is the same reason the file looks risky on paper. The problem and the solution are the same document.
How I work it
I start with the story the numbers don't tell. Debt climbed because the cost of living moved and the salary didn't. Income dipped for a definable reason that has since resolved. Those are explanations an underwriter can act on — but only if someone puts them in front of them.
Then the file goes where it fits. A bank that says no isn't the market saying no, and the same application often finds a yes at a lender you'd never have thought to approach.
This is for you if
- You want to consolidate debt into one manageable payment
- You need to access equity you've built
- Your circumstances have changed since you last qualified
- You've already been declined for a refinance
Think this is your situation?
Send me the details and I'll tell you straight away where you stand — including if the answer is that it needs work first.