Many lenders now require all documents up front. If you do not have all of the required documents on hand, make sure to gather them ASAP. This is the most common cause for delay.
They will likely be calling your employer to verify your employment details. Ensure this person will be available and can confirm the details.
Try to leave yourself enough time for subject removal as well as closing. It is much easier to move up the dates, than it is to extend them.
Some lenders offer “Quick Close” rates for deals closing within 30-60 days. Most rates are held for up to 120 days.
If an appraisal is required, this can add an extra day or two to the financing condition.
If you are able to put your closing and subject removal dates in the middle of the week, it saves a lot of headache in case they end up having to get extended.
Most lenders will only accept the value of the house, plus 5-10 acres. Be sure to get advice prior to writing an offer on a property that has acreage and/or outbuildings
Some lenders also have minimum square footage rules, minimum mortgage amounts and unique property restrictions (log homes, mobiles homes ext)
“As-is, where-is”, handyman special, fixer-upper are examples of terms that could trigger them requesting more information on the overall condition of the home.
If you are going to reduce the purchase after the home inspection, the lender and insurer must approve the reduction before you remove your subjects. Cash back offerings are not permitted through CMHC and most lenders.
Items that can be taken from the home, cannot be included in the purchase price. If we can confirm that they do not contribute value then we can typically leave them on the contract, otherwise they will have to be removed.
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The information and services offered on this site are provided with the understanding that no one is engaged in rendering legal or other professional services or advice directly from this website. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice. If you require specific advice regarding your own financial situation please contact Key Momentum Mortgages Ltd. for consultation.