Then the email comes in:
“We just need one more document.”
“Underwriting is asking for clarification.”
“Credit wants an exception.”
And suddenly, your “approved” mortgage feels anything but approved.
Welcome to the new mortgage reality in Canada — and especially in Toronto.
The Illusion of Approval (What Banks Don’t Say Out Loud)
In 2026, most bank mortgage approvals are conditional approvals, not real ones.
That means:
The deal looks good on paper
The system says “yes”
But humans haven’t signed off yet
Every new document gives underwriters another chance to pause, reassess, or decline.
The Real Reason You Keep Hearing “One More Thing”
Banks are under pressure from:
Higher default risk
Regulatory scrutiny
Slowing housing markets
Internal risk committees tightening rules mid-file
So instead of declining outright, they slow-walk the file.
Here’s what “one more thing” usually means 👇
7 Common “One More Thing” Requests (and What They Really Mean)
1️⃣ Updated Pay Stubs or Bank Statements
Translation: We want to recheck your stability.
2️⃣ Letter Explaining a Credit Blip
Translation: Your score passed — but barely.
3️⃣ Proof of Source of Funds
Translation: Compliance is nervous.
4️⃣ Employer Letter or Income Breakdown
Translation: We don’t like variable or self-employed income.
5️⃣ Appraisal Re-Review
Translation: We’re not convinced the value holds.
6️⃣ Gift Letter or Family Loan Clarification
Translation: We’re worried about undisclosed debt.
7️⃣ “Final Underwriting Review”
Translation: This file is on thin ice.
Why This Is Happening More in Toronto
Toronto homeowners are being hit hardest because:
High property values = higher scrutiny
Renewals are coming in 30–50% more expensive
HELOCs are being frozen or reduced
Self-employed and commission income is common
Condo and investor files are under a microscope
Even strong borrowers are getting stalled.
The Emotional Cost No One Talks About
This isn’t just paperwork fatigue.
It’s:
Missed closing dates
Lost deposits
Sleepless nights
Strained family situations
Panic decisions under pressure
And the worst part?
You’re told “almost there” — right up until you’re not.
Why Private Lenders Don’t Play the “One More Thing” Game
Private mortgage approvals work differently.
They focus on:
Property value
Equity position
Loan-to-value
Exit strategy
Not endless document loops.
That’s why many Toronto homeowners pivot to a private mortgage when banks start stalling.
When Switching Makes Sense
A private mortgage can be the right move if:
Your approval keeps getting delayed
Conditions keep stacking up
You’re up against a firm closing
Your income doesn’t fit a bank box
You need certainty, not “maybes”
It’s not about giving up on banks forever — it’s about getting control now.
The Smart Play in 2026
Many homeowners are using private mortgages to:
Close on time
Stabilize cash flow
Repair credit
Ride out renewal shock
Re-approach banks later from a stronger position
Speed + certainty > false approvals.
Don’t Let “One More Thing” Cost You Everything
If your mortgage approval keeps moving backward instead of forward, it may be time to stop chasing conditions and start looking at real solutions.
📞 Call Lendworth: 905-597-1225
🌐 Apply Online: https://www.lendworth.ca
Serving Toronto, Vaughan, and the GTA
Your equity deserves more™