Thanks for sharing! Reserve fund and status certificate a lawyer would review and give you guidance accordingly. In this video I'm focusing on the not so obvious considerations you should keep in mind when making a buying decision.
Even with a pre-approval, keep the financing condition in the offer. The pre-approval approves the Borrower, while the actual mortgage approves both the borrower and the property. Banks sometimes refuse to lend on some properties. So never ever assume that because you are pre-approved, you are guaranteed a mortgage on any property.
Thanks for sharing, you are correct if the appraisal comes in below the purchase price you'll need to come up with the difference. However I've never heard of banks refusing to lend on conventional condos, unless there is something very wrong with the condo Corp. In which case you would use your status certificate review condition to exit the deal.
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You've overlooked the most important issue: the size of the Reserve Fund. Straightaway the MOST important issue, in my view.
Thanks for sharing! Reserve fund and status certificate a lawyer would review and give you guidance accordingly. In this video I'm focusing on the not so obvious considerations you should keep in mind when making a buying decision.
Even with a pre-approval, keep the financing condition in the offer. The pre-approval approves the Borrower, while the actual mortgage approves both the borrower and the property. Banks sometimes refuse to lend on some properties. So never ever assume that because you are pre-approved, you are guaranteed a mortgage on any property.
Thanks for sharing, you are correct if the appraisal comes in below the purchase price you'll need to come up with the difference. However I've never heard of banks refusing to lend on conventional condos, unless there is something very wrong with the condo Corp. In which case you would use your status certificate review condition to exit the deal.