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

[MortgageQueen]

@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.

[Ciel]

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]

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

[dougboswell]

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