Real Estate

Mortgage denied at one bank but approved at another: what's my best option?

  • Last Updated:
  • May 28th, 2021 1:44 am
[OP]
Deal Addict
Mar 20, 2016
1169 posts
1038 upvotes
Montreal

Mortgage denied at one bank but approved at another: what's my best option?

I applied to both CIBC and RBC, and only RBC approved my application. The thing is RBC can only offer me the rates on their website. Will I have luck if I shop around?

The CIBC rep told me that I can still apply through his colleague but rates will be higher. How can I re-apply at the same bank after they declined my application?

Edit 1: It turns out that my CIBC rep's colleague is a CIBC "Mortgage Options Specialist". Are they different from a mortgage broker?
Edit 2: RBC was just able to offer me a great rate, so there's no need to shop around.

TIA!
Last edited by sneakerfan on May 28th, 2021 12:59 pm, edited 2 times in total.
4 replies
Sr. Member
Jul 15, 2019
629 posts
474 upvotes
You should just get a broker, they will run your credit... and then shop you around to multiple lenders.
Member
Sep 23, 2011
233 posts
155 upvotes
Vaughan
OP I would check my finances if I were you - if a bank who is happy to lend denied you you better be sure that you can swing it comfortably, especially at the current low rates.
Jr. Member
Jan 26, 2020
178 posts
130 upvotes
sneakerfan wrote: I applied to both CIBC and RBC, and only RBC approved my application. The thing is RBC can only offer me the rates on their website. Will I have luck if I shop around?

The CIBC rep told me that I can still apply through his colleague but rates will be higher. How can I re-apply at the same bank after they declined my application?

Edit: It turns out that my CIBC rep's colleague is a CIBC "Mortgage Options Specialist". Are they different from a mortgage broker?

TIA!
I walked into BMO branch and applied for refinance and got denied. I almost ended up getting mortgage from lender B , but The lady at bank referred me to her colleague working as mobile mortgage specialist and got me approved.

You can work with different mortgage agents from different marketing stream to get approved , mobile mortgages, broker, branch, online , transfer , group mortgage solution (cibc)

I recommend you work with broker, ,

Also bank does rate match, CIBC dropped my rate by 1.05% for a different property
Deal Addict
Jan 13, 2014
1815 posts
753 upvotes
Calgary
sneakerfan wrote: I applied to both CIBC and RBC, and only RBC approved my application. The thing is RBC can only offer me the rates on their website. Will I have luck if I shop around?

The CIBC rep told me that I can still apply through his colleague but rates will be higher. How can I re-apply at the same bank after they declined my application?

Edit: It turns out that my CIBC rep's colleague is a CIBC "Mortgage Options Specialist". Are they different from a mortgage broker?

TIA!
Mortgage option isn't CIBC. It's a outside CIBC b lender with high rates.

Wanna send me a pm and I can check your cibc application. What rate is RBC offering?

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