Grace and Kyle had a 15% down payment for a property and wanted to buy a $700k townhouse or semi-detached house in the Hamilton, Ontario area.

The major issue was that Kyle had some credit troubles in the past, but has since increased his score to just under the threshold of what most big banks require which is a minimum of 680. He has shown excellent repayment history and has done a great job rebuilding credit over the last year as they saved money together for the new home.

Grace and Kyle approached their local bank where they were asked for multiple documents upfront and were faced with slow turnaround times. Their bank rep was working on their pre-approval application for nearly 3 weeks before an answer was provided. Due to the slow pre-approval process and the bank’s uncertainty with the credit department, they were unable to get a direct answer on their approval in a timely manner and felt as though homeownership was too difficult to attain at times.