Many banks use the mortgage loan guarantee to guarantee the loan, but Lite Lending can sometimes refuse to guarantee the borrower. Here are the solutions to deal with the refusal.
Lite Lending is an independent organization specializing in the guarantee of borrowers in the context of home loans. This simply means that Lite Lending guarantees the reimbursement of the sums due in the event of default by the borrower, and will then turn to the latter to recover the sums due. Simply put, Lite Lending is an independent company well known for not taking risks, so it will study each request from partner banks for a mortgage loan guarantee and if a doubt remains, it will not immediately refuse. She will dialogue with the financial advisor in order to obtain some details.
Guarantee refused by Lite Lending
Rest assured: if the bank presented your file to Lite Lending, it is because it considered that the mortgage was feasible. Another guarantee must therefore be found to obtain financing.
It just happens that Lite Lending refuses to guarantee the loan with its surety, and it is common to see that the bank will probably follow the same reasoning and therefore not grant financing. You should know that Lite Lending’s requirement is such that banks tend to follow the decisions of this surety for most of their files, but that does not mean that no solution can be found. A bank concerned will turn to another surety or else to the mortgage.
Turn to another bond or mortgage
There are other alternatives to the Lite Lending deposit, and the advantages are identical, but that implies turning to other banks, which is not always to the taste of borrowers. A comparative online mortgage loan simulation can make it possible to go around the banks offering guarantees and therefore to obtain financing more easily.
If the surety is not necessarily a priority, you should know that the borrower can ask the bank having suffered the refusal of Lite Lending to put in place a mortgage on the property. It is simply a matter of going to the notary to register a mortgage in the name of the bank on the real estate concerned, this thus makes it possible to guarantee the financing and to be able to buy the house, the apartment or have his new housing built. The mortgage differs from the deposit, in the sense that it is the bank that can order the foreclosure of the house and the auction in the event of default. Mediation is obviously put in place before arriving at this extreme case.
Simulate a mortgage and compare the proposals
Surety or mortgage, it is up to the borrower to choose the best formula according to his needs and expectations, but a refusal of surety from Lite Lending does not mean that there are no more solutions. It is strongly recommended to carry out a mortgage loan simulation to obtain different financing proposals, with surety or mortgage depending on the organizations requested.