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Mortgage Broker News | 07 Mar 2013, 12:00 AM Agree 0
Brokers are usually full of praise for lenders – well, sometimes – still they have four flaws guaranteed to spark broker ferocity, reports Don Horne
  • Exceeding conditons | 08 Mar 2013, 05:32 AM Agree 0
    My clients were approved with (CMHC) a great 2.87% rate and one of the conditions was they have a trusted realtor in the area that does a drive by to verify the purchase price value. Note there was a bidding war and a back up offer that was unconditional. The deal collapsed because the value... but when questioned further they didn't quite like the whole deal. Above 730 beacons and Gov't and 5 yr truck driver. Own savings. Cream puff deal. Luckily I had it approved elsewhere because they didn't renege till subject removal day 2 weeks after approval. Not only that the home involved a well test and they wanted a well test that was not more than 60 days old.. the closing was 120 days so would have involved a second well test. Thank God for lenders out there that are practical.
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