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Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 3360
Experience:  11 years experience in Canada family law, plus criminal, civil, and employment
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Can a bank refuse LTD insurance as income mortgage

Customer Question

Can a bank refuse LTD insurance as income for a mortgage
Submitted: 6 months ago.
Category: Canada Law
Expert:  Ulysses101 replied 6 months ago.
Hello, thank you for the question. It's easily answered, in "yes".We tend to think of banks as public institutions, kind of like government, because they are so large and they are regulated. But a bank can turn any person down for a loan at any time for any reason, except perhaps for racial discrimination and then the person offended can apply to the human rights tribunal. As citizens, we have no "rights" as against our bank. It's not government.Having said that, you're free to shop around to other banks, credit unions, and mortgage brokers. Perhaps your current bank has noted a drop in your security, you should get a copy of your credit reports to see if there's something behind this. I know that this is upsetting, given that we as individuals take personal pride in our credit ratings and in our relationship with the bank. But the bank doesn't view you that way, keep it in mind.Does that answer you? I'll await your question or comment. If I've answered you then I'd appreciate a positive service rating please.
Expert:  Ulysses101 replied 6 months ago.
I'm sorry if that's not what you wanted to hear, but I'm not helping you if I just give the "good news". Please don't shoot the messenger. Did my answer help?

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