Page 33 - IssueNo100a

www.sportsenergynews.com Issue #100 May 2021 33

Continued from page 32 This market does not favour buyers with a fish farm permit. That mortgage lender’s view of you.
who go in subject-free (firm), with no was VERY hard to place. The golden rule is to be very
twice – first by the lender and then by wiggle room. If you are using all your 4. Location: If a lender feels the wary of change during the home-
the insurer - and please understand financial resources to come up with property you’ve picked is simply too purchasing process. A shiny new car
that no mortgage insurer has seen
the down payment and closing costs, far from your workplace, they may in the driveway or a new job might
your pre-approval request. what can you do if the value comes assume you need to keep a second completely cast things in a different
The pre-approval considers your
back lower? home or place to stay, and in such light.
personal creditworthiness and
2. Property Condition: Have you ever cases, they impute a “shelter cost” Clients who quit their job and
borrowing capacity. The actual seen an MLS listing that says “as-is” for you. This might also skewer your became a freelance contractor after
amount you qualify for also depends
or “handyman special”? Those are approval. their firm offer was accepted creates
on the property itself: that plus the red flags to a lender, and a mortgage 5. Condos: Mortgage insurers keep a problem because they are now
lender and insurer’s assessment of
may not be forthcoming at all. The lists of condo buildings they do not considered self-employed. Such
your application. Please remember, appraisal may further report poor want to lend against. Maybe the income is assessed differently during
pre-approvals do not consider the conditions, mold, or even structural maintenance fees seem extraordinarily the mortgage underwriting process.
specific properties.
issues. high or the condo status certificate Typically, you will need to show two
Reasons Why the Property Can Hurt 3. Property Specifics: There are reveals significant assessments; years of operating success to qualify
Your Mortgage Approval
many reasons a property may prove for example, something like Kitec for your mortgage. This change from
To secure a mortgage, the borrowers
challenging. Here are some examples Plumbing. salaried employee to self-employed
and the property have to pass muster. of property types that will seem The smaller the condo is, the fewer could be disastrous for a couple.
No one knows the exact property you
problematic to a lender: interested lenders. Many lenders You want to be sure your personal
are going to buy when you are pre- • Log homes, simply do not like to lend against taxes are up to date and in good
approved. When it comes time for
• Homes on leased land, First micro-condos. Condos under 500 standing with CRA. You must also
the lender to approve your mortgage, Nations, government or private, square feet are often a cut-off, but in pay all of your credit card bills on
there are many ways the specific • Rural properties with a hint of recent years that number has shrunk time and ensure you do not miss any
property can impede the approval.
hobby farming, to 400 SF or less with some lenders. payments.
1. Value of The Home: When • Properties containing asbestos, It might depend on if the unit has a It is definitely not a good time to
multiple buyers are competing on
underground oil tanks, aluminum separate bedroom. In some of these defer loan payments of any kind. Even
the offer presentation day, there can wiring, suites, the bedroom is a wall bed or a though mutually agreed payment
only be one winner. In this market, • The remaining economic life of Murphy Bed. deferrals do not adversely affect
the winner often has to bid much
the property, Reasons Why You Might Hurt Your your credit score, mortgage lenders
more than the market value. When • Suppose the property was a one- Own Mortgage Approval might think twice about lending a
this happens, the appraisal may come
time grow-op or drug lab - good luck Your mortgage may not be approved considerable amount to someone
back with a value less than you paid. with that, even if the property has because of something to do with who needs relief from their financial
That will not necessarily kill your been remediated. you, the borrower. Either something obligations.
mortgage approval, as long as you
• One property earlier this year had material has changed in your The Takeaway
have additional financial resources to an MLS listing that proudly mentioned circumstances or new information When you and your real estate
cover the shortfall, if necessary. Note:
a 15-foot fishpond in the backyard – has come to light, which changes the Continued on page 43

Dairy Queen donates cakes to Cool Kid Club Do you bottle your wine?

Personalize
April 14 April 21 Personalize
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April 7
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• Wedding
• Birthday

• Graduation
• Retirement
This week’s Cool Kids are Krystal
and Liam from our Benson Centre This week’s Cool Kid is Bryce! This week’s Cool Kid is Dexter from our • Hostess Gift
• Girl’s Night Out etc.
After-School Program. Bryce is a dedicated member of our Raise Henry Clubhouse After-School Program! • Girl’s Night Out etc.
Krystal and Liam are two incredible the Grade Program and Teen Program. He The Henry street staff are delighted to
kids with great manners who are brings positivity each day, he is engaged nominate Dexter for the DQ Cool Kids contact dilly
always eager to help a friend out and ready to participate with a great Club. Dexter always brings lots of smiles
attitude! He has volunteered to take on
in their time of need. They are to our Club! He also welcomes every
tasks that help out our Club on a weekly
always very polite and respectful basis and we are so grateful for his member and never leaves anyone out. Designs
to other members and staff. contributions and for just being a great Another great quality Dexter has is that he
is always willing to try new things!
613•349•4694
613•349•4694
613•349•4694
Enjoy your well earned ice cream teen! 613•349•4694
Enjoy your well earned ice cream cake Enjoy your well earned ice cream cake
cake compliments of our friends
compliments of our friends at Dairy compliments of our friends at Dairy dillydesigns@eastlink.ca
at Dairy Queen Grill & Chill. Queen Grill & Chill. Queen Grill & Chill