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5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
TermTypeRate
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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Condo Issues: How do lenders become aware?

February 19, 2016 | Posted by Nathan Zacharias | Tagged in

How do lenders become aware of an issue?

Lenders are very resourceful and they can sniff out a problem quite easily. How? There are various sources of information which may include documentation, but it may also be obtained through their relationships within the industry. Here are a few examples:

Question Sign

 

  • MLS® feature sheets may state something the comments such as: “Post- Tension Cables have recently been inspected and given the okay.” Or “Special assessment of $5,000 has been paid and no additional assessments planed.” Clearly there was a shortfall in the operating account, major repairs, or emergency funding required. Is the problem cured? They will want to find out.

 

  • Land Titles office can uncover builders liens, pending law suits, claims against the condo/strata common property, Alberta Health Services notices, and even property management company information or lack thereof.

 

  • Offer to Purchase is a really good source of information for the lender. Any concerns the buyer has usually present themselves as a term or condition in the purchase contract.

 

  • Mortgage Default Insurers can play a big role in spooking lenders. Should a mortgage need mortgage default insurance a lender must send the deal to the insurer for approval. Should the insurance be declined with or without a reason you may now have the lender on guard. Quite frequently if the insurer is not comfortable with the property, the lender will simply pass on the deal.

 

  • Lenders Data Base is a great source of information for their underwriters. If they have encountered problems in the past for a certain building, they usually make note and don’t easily forget.

 

2K5A9459

Author: Nathan Zacharias B. Comm

Broker – Exzact Mortgage Corp.

Nathan@exzactmortgage.com

403-668-4260

Copyright 2015 Exzact Mortgage Corp.