Not every mortgage is a simple purchase or renewal. Some involve a refinance and a second property, or drag on for months. This story pulls together what two clients said about files that were harder than usual, and what to do if yours is one of them.
CLIENT STORY AT A GLANCE
| Client | Two Ottawa clients, combined |
| Situation | Complicated files: a refinance plus a new mortgage on another property, and a refinance that took several months |
| What we did | Kept going when one lender stalled, regrouped with another and stayed in close contact through tricky negotiations |
| In their words | “they always find a way to make things work” |
The situation
The first client's file was complicated: a refinance and a new mortgage on another property at the same time. The second client's refinance ended up taking several months, with some tricky negotiations along the way.
What we did
When a potential lender was slow, the team did not wait around. According to the client, they regrouped, applied to another lender and closed both transactions on the same day, which also saved on legal fees.
“they did not get discouraged by a potential lender that was dragging their feet, they regrouped, applied to another lender and I was able to close both transactions on the same day and save on legal fees.”
— Ottawa client, 5-star Google review
On the second file, a long refinance:
“Sean, Katherine and the team really went to bat for us in a refinancing that ended up taking several months. Sean was in constant touch and the team was on top of every detail during some tricky negotiations.”
— Ottawa client, 5-star Google review
What to do when a mortgage file gets complicated
- Have a backup lender early. If one lender stalls, you need somewhere to go. Waiting for a slow reply is what puts closing dates at risk.
- Tell your agent everything up front. Multiple properties, changing income or unusual circumstances are solvable, but only if they are on the table from the start.
- Coordinate the closings. When two transactions are linked, your agent and your lawyer can often line them up. Ask about timing early.
- Know your other routes. If a mainstream lender says no, alternative lenders and private mortgages may be options. Read what to do if your mortgage is denied.
- Understand refinancing. See switching vs. refinancing and bridge financing if timing overlaps.
Common Questions
What if my lender is taking too long?
Ask your agent to line up an alternate lender in parallel. Waiting on a slow lender can put your closing at risk, so having a backup ready is the safest approach.
Can I refinance and buy another property at the same time?
It can be done, but it is more complex because both mortgages need to qualify together. Your agent and lawyer can plan the timing, and in some cases the closings can be coordinated.
What if I have been turned down?
A decline from one lender does not mean every lender will say no. Options can include other mainstream lenders, alternative lenders or private lenders, depending on your situation.
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About this story: This story combines feedback from two TopRankin clients, each taken from a verified 5-star Google review. Names and identifying details are left out to protect client privacy. Every mortgage is different, so your rate, approval and timeline will depend on your own file.