Sometimes you need back up plans for your back up plans. Today is one of those days. Found out when I turned my computer one that one of my private lenders decided not to do a transaction. Since they are lending their own money they are fully right to do so. Several frantic calls later […]
https://craigburn.com/wp-content/uploads/2021/07/external-content.duckduckgo-15.jpg160160Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2021-07-27 14:21:032021-07-28 16:05:54Bull by the horns
Not every file gets approved exactly how it was originally submitted to the lender. The key is to be flexible and to be able to amend or change things as required by the lender. It could be a larger down payment if possible, paying off some more debts or the addition of a co-signer. All […]
There nothing more important to people than their personal financial details. However it is this same information that I require to process your mortgage request. I need to be able to confirm your income, your assets and liabilities so the lender will be satisfied in lending you money to buy or refinance your house. Like […]
Condition of financing is an important part of buying your next home. That is if you require bank financing to get it done. Since we are still in the midst of a very active real estate market, putting down 5 business days to secure financing will not be sufficient. In a normal market banks pick […]
This past week Canada Mortgage and Housing (CMHC) backtracked on an unpopular policy move they made at the start of the pandemic last year. They tightened underwriting guidelines to limit debt service ratio’s for insured mortgages to 35/42% of GDS/TDS. This is because last year CMHC incorrectly estimated that the pandemic would cause a softening […]
Someone told me the following expression years ago and it applies perfectly to sales, “Some will, some won’t, so what, who’s next!” I had a prospective client come to me last week who told me upfront that she was talking with two other potential financial sources. Knowing that I was already in a competitive environment […]
https://craigburn.com/wp-content/uploads/2021/07/external-content.duckduckgo-2.jpg634474Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2021-07-06 14:03:172026-07-09 09:01:14Win some lose some
Just like that seminal song by Semisonic, sooner or later there will always be closing times to important events in your life. School graduation, marriage, birth of children or buying or selling your home are all important events. One chapter is closing and another is opening before you. When you really think about it, major […]
Most people are familiar with traditional mortgages on your average home, however chattle mortgages are loans secured against movable pieces of personal property. In this instance we will be taking about mini homes or most commonly called trailers. Now when they are on their own land and on a foundation they are as easy to […]
It’s that time of the year when we all wish we had vacations properties to go to for the weekend. Stick our feet up and relax and get away from it all. However truth to be told is that you can can purchase a vacation or second property now and with as little as 5% […]
So last night I stayed up and watched 3 periods of the Canadiens vs Las Vegas. At the end of regulation it was a tie game 2-2. Given it was about 2 hours past my normal bed time, I hit the sack before the start of the overtime period. Not realizing that it was only […]
This is just a short post to remind you that when applying for a mortgage the lender will require 90 days history to show your down payment. If you have more than one account, then 90 days from all your accounts. This is to prove that you did not borrow it and also did not […]
https://craigburn.com/wp-content/uploads/2021/06/external-content.duckduckgo-9.jpg350387Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2021-06-17 13:23:512026-07-09 09:03:5490 Days History
This is all there is today. Enjoy your closings you lucky people who won the bidding wars. Closing can be tedious but in the end it’s worth it. Today I am thankful for deals that are closing, new opportunities on the horizon and the possibility of travel again this summer. “A chaque oiseau, son nid […]
Normally down payments can not be borrowed. However there are a few ways around this legally and ethically. So let’s first state that the down payment must be in your possession for 90 days and you must be able to provide bank statements to support that. You can borrow it from an existing line of […]
https://craigburn.com/wp-content/uploads/2021/06/external-content.duckduckgo-7.jpg194474Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2021-06-14 13:46:362026-07-09 09:09:47Creating your own down payment
The good weather if finely here and also now that phased reopening plans have started, this means that more and more people are out and about. I have noticed lately that lots and lots of people are shopping for a new vehicle, this is also coinciding with our current hot real estate market where it […]
https://craigburn.com/wp-content/uploads/2021/06/external-content.duckduckgo-1-3.jpg266474Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2021-06-13 15:02:122021-06-13 15:03:44New House or new car?
Back up plans
Sometimes you need back up plans for your back up plans. Today is one of those days. Found out when I turned my computer one that one of my private lenders decided not to do a transaction. Since they are lending their own money they are fully right to do so. Several frantic calls later […]
Bull by the horns
Be Flexible
Not every file gets approved exactly how it was originally submitted to the lender. The key is to be flexible and to be able to amend or change things as required by the lender. It could be a larger down payment if possible, paying off some more debts or the addition of a co-signer. All […]
Privacy
There nothing more important to people than their personal financial details. However it is this same information that I require to process your mortgage request. I need to be able to confirm your income, your assets and liabilities so the lender will be satisfied in lending you money to buy or refinance your house. Like […]
COF
Condition of financing is an important part of buying your next home. That is if you require bank financing to get it done. Since we are still in the midst of a very active real estate market, putting down 5 business days to secure financing will not be sufficient. In a normal market banks pick […]
Backtracked!
This past week Canada Mortgage and Housing (CMHC) backtracked on an unpopular policy move they made at the start of the pandemic last year. They tightened underwriting guidelines to limit debt service ratio’s for insured mortgages to 35/42% of GDS/TDS. This is because last year CMHC incorrectly estimated that the pandemic would cause a softening […]
Win some lose some
Someone told me the following expression years ago and it applies perfectly to sales, “Some will, some won’t, so what, who’s next!” I had a prospective client come to me last week who told me upfront that she was talking with two other potential financial sources. Knowing that I was already in a competitive environment […]
Closing Time
Just like that seminal song by Semisonic, sooner or later there will always be closing times to important events in your life. School graduation, marriage, birth of children or buying or selling your home are all important events. One chapter is closing and another is opening before you. When you really think about it, major […]
Chattle Mortgages
Most people are familiar with traditional mortgages on your average home, however chattle mortgages are loans secured against movable pieces of personal property. In this instance we will be taking about mini homes or most commonly called trailers. Now when they are on their own land and on a foundation they are as easy to […]
Your Vacation Home
It’s that time of the year when we all wish we had vacations properties to go to for the weekend. Stick our feet up and relax and get away from it all. However truth to be told is that you can can purchase a vacation or second property now and with as little as 5% […]
Bitter End
So last night I stayed up and watched 3 periods of the Canadiens vs Las Vegas. At the end of regulation it was a tie game 2-2. Given it was about 2 hours past my normal bed time, I hit the sack before the start of the overtime period. Not realizing that it was only […]
90 Days History
This is just a short post to remind you that when applying for a mortgage the lender will require 90 days history to show your down payment. If you have more than one account, then 90 days from all your accounts. This is to prove that you did not borrow it and also did not […]
Closing
This is all there is today. Enjoy your closings you lucky people who won the bidding wars. Closing can be tedious but in the end it’s worth it. Today I am thankful for deals that are closing, new opportunities on the horizon and the possibility of travel again this summer. “A chaque oiseau, son nid […]
Creating your own down payment
Normally down payments can not be borrowed. However there are a few ways around this legally and ethically. So let’s first state that the down payment must be in your possession for 90 days and you must be able to provide bank statements to support that. You can borrow it from an existing line of […]
New House or new car?
The good weather if finely here and also now that phased reopening plans have started, this means that more and more people are out and about. I have noticed lately that lots and lots of people are shopping for a new vehicle, this is also coinciding with our current hot real estate market where it […]