Derek’s Mortgage Approval: A Race Against Time
Derek had purchased a pre-sale condo five years ago, excited about the opportunity to own his first home. Now, with construction nearly complete, the developer informed him that it was time to secure his mortgage approval so he could take possession. He had just 10 business days to get everything in order.
The Challenge: A Bank Decline
Derek’s first stop was his bank, where he had expected a smooth approval process. Instead, they turned him down due to concerns about his income. Panic set in—he had already put down 20% as a deposit with the developer, and if he couldn’t secure financing, he risked losing it all. Worse, the developer had the right to sue him for not completing the purchase, potentially costing him even more money.
The Solution: A Lender Who Saw The Full Picture
A friend referred Derek to a mortgage broker with ApproveU.ca, who immediately assessed the situation. We understood why the bank had declined his application but also knew of another lender that would approve him with his current income structure.
With the right lender in place, Derek’s mortgage was secured, and he was able to move forward with his condo purchase. Instead of losing his deposit—and facing a legal nightmare—he is now the proud owner of his new home, relieved and grateful for the right financial guidance at the right time.