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Why mortgage is more than just rates!
Example 1 - Tenants in Common
Example 3 - Bona Fide Sales Clause
Example 1 - Tenants in Common
I received an application with three owners on the property title. Unfortunately one of the owners had a bruised credit background. It is true that the other two owners can proceed to apply for a mortgage with a consent by the 3rd owner. Nevertheless, only select banks and lenders would accept this type of application.
Example 2 - Collateral Charge
Example 3 - Bona Fide Sales Clause
Example 1 - Tenants in Common
This story happened at a retail branch of a major Canadian bank. A mortgage specialist added a 100% collateral clause to a $800k mortgage at 65% LTV, yet didn't disclose to the applicant. Guess what happened when the mortgagor applied for a second mortgage a couple of years later.
Example 3 - Bona Fide Sales Clause
Example 3 - Bona Fide Sales Clause
Example 3 - Bona Fide Sales Clause
This clause applies to some non-prime mortgages. It prevents a borrower from paying off their mortgage early or breaking before the term ends. Unfortunately many mortgagors are not informed prior to mortgage closing. Certainly a huge disappointment!
That's why a well-educated & experienced finance & mortgage expert is critical guiding you through. Don't settle for less!