Hello!!!
My situation is that I have recently refinanced 2 rental properties, high-ratio, beacon score good, ratio`s great. I am trying to refinance (equity take out) my owner-occupied, non-rental property. I am having a heck of a time!!! I originally applied as a conventional application, but was declined. I then applied as a high-ratio, CMHC insured application and have again been denied. I have been using FirstLine as they are the only lender that I am aware of who will refinance @ 95% ltv. I am being told by the lender that CMHC is not just looking @ ratio`s in order to qualify, but I haven`t been told what they are looking for. Has anyone run into a situation similar to this and/or have any suggestions? BTW...I am a mortgage agent.
Thanks
Barb
My situation is that I have recently refinanced 2 rental properties, high-ratio, beacon score good, ratio`s great. I am trying to refinance (equity take out) my owner-occupied, non-rental property. I am having a heck of a time!!! I originally applied as a conventional application, but was declined. I then applied as a high-ratio, CMHC insured application and have again been denied. I have been using FirstLine as they are the only lender that I am aware of who will refinance @ 95% ltv. I am being told by the lender that CMHC is not just looking @ ratio`s in order to qualify, but I haven`t been told what they are looking for. Has anyone run into a situation similar to this and/or have any suggestions? BTW...I am a mortgage agent.
Thanks
Barb