User Tag List

Page 2 of 2 FirstFirst 1 2
Results 16 to 19 of 19
Like Tree21Likes

Thread: Head's up - Mortgage rates going up end of day

  1. #16
    Luv Saving People Money MortgageQueen's Avatar
    Join Date
    Mar 2010
    Posts
    3,404
    Likes Received
    6224
    Trading Score
    0 (0%)




    Quote Originally Posted by Ciel View Post
    @MortgageQueen -I read the real estate columnist's newest article (3rd last page of Feb. 26 View issue) and he stated that the postal code of the property that one is wanting to mortgage can affect one's ability to get financing? If true, that is just like auto insurance quoting-some areas are pricier than other areas.
    I'm not exactly sure what context he said that in, but. . . basically if your in a metropolitan area, it's highly likely you're ok . . .however. . . in certain cities/areas there are parts of town that lenders don't like. It could be a high crime area or possibly prone to flooding. Many variables. I had what seemed a perfect application turned down in Calgary once because it was in a flood plain. (I'm sure we all recall the river flooding a few years ago)
    Also had one turned down in Toronto because of high crime/less savoury area. Than again, it could be turned down because it's out in the boonies.

    Sometimes it's not the Lender. It may be the Insurer that doesn't like the area. Brokers know which lenders/insurers are good match with properties. (at least a good broker
    does

    And No, it's not likely to be pricier unless you have to look into private financing because one of the above issues. If a Lender tells you that. . .or even a broker. . .let me know and I'll look at the situation for you.
    There's always unique situations, but it's not likely.
    Last edited by MortgageQueen; Wed, Mar 2nd, 2016 at 11:17 PM.
    Ciel likes this.

  2. #17
    Super-walking bean bun! Ciel's Avatar
    Join Date
    Jul 2009
    Location
    Ontario
    Posts
    16,588
    Likes Received
    22582
    Trading Score
    12 (100%)




    The columnist is in real estate and he had a property in the area that years ago he could not get financing for but now, the area is very popular for living/arts/outdoors. Thanks for your insights on the topic, @MortgageQueen !
    I am constantly learning new factors in transactions here on Smart Canucks!
    MortgageQueen likes this.
    2020-Money & *baby Yoda*

  3. #18
    Luv Saving People Money MortgageQueen's Avatar
    Join Date
    Mar 2010
    Posts
    3,404
    Likes Received
    6224
    Trading Score
    0 (0%)




    Going 5 year fixed rate is around 2.49% right now, so if your bank is offering you higher. . . now you know.

  4. #19
    Newbie
    Join Date
    Jun 2014
    Posts
    43
    Likes Received
    27
    Trading Score
    0 (0%)



    a
    Last edited by dougboswell; Thu, Mar 24th, 2016 at 08:41 PM.

Page 2 of 2 FirstFirst 1 2

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •