Banks are great! They give you a visa to do your birthday and Christmas shopping. Banks will help you invest your money in RSPs, mutual funds.,they’ll even help you pay your bills online. They’re big and strong, what’s not to like?? Canadian Banks are the envy of the world.
But sometimes your bank says no. Sometimes your bank says your credit isn’t very good, or that you don’t make enough money or that they would love to….but they just can’t help you…and of course they say no with a smile and as sincerley as possible.
What Do You Do Now?
Remember banks are in the business of making money. You pay 19% interest for that visa card, 2.5% in fees within your mutual fund and monthly fees for the privilege of keeping your money in their bank. It’s a business and we all contribute to their coffers in one way or another.
There are many lenders out there other than the big banks that would be happy to lend you money, so it’s in your best interest to explore your options to make sure your getting a good deal. The mortgage environment for self employed people is the strictest its been in more than a decade. Explore your options.