New lending and mortgage insurer’s guidelines have been recently announced in regards to condo conversions. Here is a list of documentation required up front by the lenders before the mortgage funds can be advanced.
1) The lenders and insurers need to know the actual upgrades performed to the building. An Engineer’s Report or Certificate of Completion ensures there are no structural issues with the building. This will show that construction is complete because the lender will not fund the construction costs on a conversion.
2) The title of the units must have separately registered titles. Sometimes developers will try to sell the units before the condo has been approved and there are no separate registered titles. This is not acceptable and a separate title must be available for the mortgage charge. The appraiser will comment on the legal description of the property or if there is no title.
3) The lenders and insurers will require a Certificate of Incorporation to show that a condo corp. exists, and is in place to handle any property issues that may arise.
4) The lenders and insurers will also need to address the condition of the building and future maintenance. For this, a Reserve Fund Study will be required. Since many conversions are older apartment buildings this will show us the current condition of the building and what maintenance will be over the next fifteen to twenty years. The Reserve Fund Study also outlines the amount of condo fees that should be paid and if there will be any immediate cash needs.
5) Condo financials, bylaws and proposed budgets are also required by the lenders and insurers to approve a condo conversion.
Therefore, for mortgages required for condo conversions, in addition to the regular mortgage approval requirements please provide the additional documentation mentioned up front to avoid any delays in mortgage funding or the deal falling through.
If you have any further questions in regards to condo conversions please contact us at your convenience.
We are now on Twitter. Click Here to start following us and be the first to receive daily updates about interest rates and mortgage news.
Any questions at all about mortgage financing please refer to our newly designed website at www.yourmortgagecontact.com or call us today. In addition please let your family and friends know about Your Mortgage Contact. We appreciate all referrals and everyone always receives personalized service. Please contact Betty at 403-532-3927, e-mail bsaskiw_prolink@telus.net, Kevin at 403-589-3021, kevsas@telus.net or at our updated website: www.yourmortgagecontact.com
Sincerely,
Betty Saskiw, AMP
Mortgage Associate
&
Kevin Saskiw, CFA
Mortgage Assistant
Tuesday, May 25, 2010
Wednesday, May 5, 2010
Why Use Our Services As Mortgage Specialists?
Even if you have used our services in the past, you may not be aware of all the benefits of our mortgage specialist services. In this newsletter we will explain the difference between using our mortgage specialist services compared to going directly to the bank.
1) Bank – Each time you inquire about a mortgage at a bank, before they can disclose to you an interest rate you will be required to go through the application process including a credit check. The interest rate the bank offers you is very dependent on your credit score. Therefore not only is this exercise time consuming but can also negatively affect your credit score. The multiple checks may lower your score thus affecting the interest rate the bank may offer you, potentially stopping you from purchasing the home of your dreams.
Mortgage Specialist – With our services only one application and one credit check is required. This not only saves you time but also has the least impact on your credit score. In addition we can also disclose to you the best interest rates available before the application process and as long as you meet the minimum credit requirements the best interest rates are available to you from the beginning.
2) Bank – The banks can only offer their line of products so they may not have the best mortgage rates and product for your situation.
Mortgage Specialist – We deal with multiple lenders who compete for your business. Combined with multiple products offered by these lenders, we can match the best product for your individual needs.
3) Bank- May not be offering you the best interest rate available due to your credit score or they just may not be offering you the lowest mortgage rate available on the market.
Mortgage Specialist – We have better interest rates than those offered to you by your bank. We deal with multiple lenders who compete for your business including major banks as well as non-bank lenders. The main difference between the two is that the non- bank lenders do not have branches like the major banks so all servicing of your mortgage is done by phone, fax, e-mail and mail. With the lower cost of not having branches, the non-bank lenders can potentially offer better interest rates and may be an option for your mortgage.
4) Bank – When you inquire about your mortgage at your bank not only will they speak to you about your mortgage, they will also try to sell you other products such as bank accounts and investments. Also the person you may be dealing with may only have limited knowledge about their mortgage products and experience as they are required to know so much about all of the products they sell.
Mortgage Specialist – Our specialty is your mortgage and we have extensive experience with hundreds of satisfied clients. With a home purchase most likely being the largest and one of the most important purchases in your lifetime, would you not want to have a specialist to help you with your individual needs?
5) Bank – Will be only available during bankers hours and appointments are usually necessary. Also you may be speaking with different people at the bank throughout the process.
Mortgage Specialist - We work flexible hours including evenings and weekends to discuss your mortgage at your convince. In addition no appointments are necessary and your mortgage can be started immediately over the phone with no obligation. Also you will only be speaking with Betty and Kevin, both of whom know your individual needs so you will not have to continually explain your story over and over again.
If you know of anyone that you think may require mortgage financing, please forward this newsletter so they’re aware of our services as mortgage specialists.
We are now on Twitter. Click Here to start following us and be the first to receive daily updates about interest rates and mortgage news.
Any questions at all about mortgage financing please refer to our newly designed website at www.yourmortgagecontact.com or call us today. In addition please let your family and friends know about Your Mortgage Contact. We appreciate all referrals and everyone always receives personalized service. Please contact Betty at 403-532-3927, e-mail bsaskiw_prolink@telus.net, Kevin at 403-589-3021, kevsas@telus.net or at our updated website: www.yourmortgagecontact.com
Sincerely,
Betty Saskiw, AMP
Mortgage Associate
&
Kevin Saskiw, CFA
Mortgage Assistant
1) Bank – Each time you inquire about a mortgage at a bank, before they can disclose to you an interest rate you will be required to go through the application process including a credit check. The interest rate the bank offers you is very dependent on your credit score. Therefore not only is this exercise time consuming but can also negatively affect your credit score. The multiple checks may lower your score thus affecting the interest rate the bank may offer you, potentially stopping you from purchasing the home of your dreams.
Mortgage Specialist – With our services only one application and one credit check is required. This not only saves you time but also has the least impact on your credit score. In addition we can also disclose to you the best interest rates available before the application process and as long as you meet the minimum credit requirements the best interest rates are available to you from the beginning.
2) Bank – The banks can only offer their line of products so they may not have the best mortgage rates and product for your situation.
Mortgage Specialist – We deal with multiple lenders who compete for your business. Combined with multiple products offered by these lenders, we can match the best product for your individual needs.
3) Bank- May not be offering you the best interest rate available due to your credit score or they just may not be offering you the lowest mortgage rate available on the market.
Mortgage Specialist – We have better interest rates than those offered to you by your bank. We deal with multiple lenders who compete for your business including major banks as well as non-bank lenders. The main difference between the two is that the non- bank lenders do not have branches like the major banks so all servicing of your mortgage is done by phone, fax, e-mail and mail. With the lower cost of not having branches, the non-bank lenders can potentially offer better interest rates and may be an option for your mortgage.
4) Bank – When you inquire about your mortgage at your bank not only will they speak to you about your mortgage, they will also try to sell you other products such as bank accounts and investments. Also the person you may be dealing with may only have limited knowledge about their mortgage products and experience as they are required to know so much about all of the products they sell.
Mortgage Specialist – Our specialty is your mortgage and we have extensive experience with hundreds of satisfied clients. With a home purchase most likely being the largest and one of the most important purchases in your lifetime, would you not want to have a specialist to help you with your individual needs?
5) Bank – Will be only available during bankers hours and appointments are usually necessary. Also you may be speaking with different people at the bank throughout the process.
Mortgage Specialist - We work flexible hours including evenings and weekends to discuss your mortgage at your convince. In addition no appointments are necessary and your mortgage can be started immediately over the phone with no obligation. Also you will only be speaking with Betty and Kevin, both of whom know your individual needs so you will not have to continually explain your story over and over again.
If you know of anyone that you think may require mortgage financing, please forward this newsletter so they’re aware of our services as mortgage specialists.
We are now on Twitter. Click Here to start following us and be the first to receive daily updates about interest rates and mortgage news.
Any questions at all about mortgage financing please refer to our newly designed website at www.yourmortgagecontact.com or call us today. In addition please let your family and friends know about Your Mortgage Contact. We appreciate all referrals and everyone always receives personalized service. Please contact Betty at 403-532-3927, e-mail bsaskiw_prolink@telus.net, Kevin at 403-589-3021, kevsas@telus.net or at our updated website: www.yourmortgagecontact.com
Sincerely,
Betty Saskiw, AMP
Mortgage Associate
&
Kevin Saskiw, CFA
Mortgage Assistant
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