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What to Do if Your Mortgage Pre-Approval Gets Denied

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  You’ve been house-hunting in Toronto neighbourhoods like Leslieville, The Annex, or Scarborough, you found a place you absolutely love—and then, boom: your mortgage pre-approval in Canada comes back denied. It’s disheartening. You might feel like you hit a wall. But trust me: this isn’t the end of your home-buying journey. With the right plan and support, you can come back stronger. And with Think Homewise by your side, you don’t have to go at it alone. Why Did My Pre-Approval Get Denied? Before moving forward, let’s understand why lenders sometimes say “no.” In Toronto’s high-cost housing market, lenders are extra cautious. Some common reasons include: Credit issues : Low credit score, past delinquencies, or unresolved collections. High debt-to-income (DTI) ratio : If your monthly debts (credit cards, auto loans, etc.) plus the proposed mortgage amount exceed what lenders are comfortable with. Unsteady income or employment history : Perhaps you've recently changed jobs, or you...
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5 Common Mortgage Pre-Approval Mistakes to Avoid

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  Buying a home in Toronto, ON, is an exciting journey, but can also be stressful—especially when navigating the mortgage pre-approval process. Whether you're a first-time homebuyer or looking to upgrade your space, getting your financing in order is one of the most important early steps. But here's the catch: even a small mistake in this stage can lead to significant delays, lost opportunities, or unnecessary expenses. At Think Homewise, they know how overwhelming the process can feel, so they've made it their mission to make mortgage pre-approval in Canada as smooth and stress-free as possible.  5 Pre-Approval Mistakes That Could Cost You—And How to Avoid Them Here are five common mistakes people make during the pre-approval stage—and how to avoid them. 1. Ignoring Your Credit Score One of the buyers' most significant errors is entering the home-buying process without checking their credit score. Your credit history greatly determines what mortgage products you quali...
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Step-by-Step: How to Get Preapproved for a Mortgage Online and Save Time

  Buying a home in Canada is one of life’s biggest milestones. However, if you’ve ever attempted to initiate the process without being prepared, you know how overwhelming it can be. Imagine finding your dream place in Toronto, Vancouver, or even right here in Victoria, only to discover that you’re not yet preapproved for a mortgage online. In a hot Canadian housing market, those delays can cost you the home you love. That’s where Think Homewise steps in. With their simple, online-first approach, getting mortgage pre-approval in Canada has never been easier or faster. In this guide, we’ll walk you through the exact steps on how to get pre-approved for a mortgage, saving you valuable time and giving you confidence when you’re ready to make an offer. Why Mortgage Preapproval Matters in Canada When you’re house hunting in Canada, mortgage pre-approval in Canada isn’t just paperwork—it’s a power move. Sellers take your offer more seriously because they know you’re financially ready. It...
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