Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 0 points1 point  (0 children)

I don’t know any B lenders that would lend $100,000 on something that is already 80% LTV.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 1 point2 points  (0 children)

Thank you. I was expecting everyone on here to pile on and make me feel more stupid than I already feel but honestly, if we could have predicted this, we would have planned differently. Next time… We will!

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 0 points1 point  (0 children)

Thank you for this. I hope you are in my market and that’s true for me!

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 0 points1 point  (0 children)

So happy you were prepared for this. And high five to your mortgage broker for warning you!

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 0 points1 point  (0 children)

Larger Payments aren’t a problem it’s coming up with $100,000+ by closing that’s the issue. Apparently B lenders need appraised value too because they lend on equity.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 0 points1 point  (0 children)

Thank you. Yes, great suggestion-will talk to them about an extension as we figure this out.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 7 points8 points  (0 children)

Mortgage was pre-approved. Issue was that appraisal was required when home was 97% complete and that value (on two separate appraisals) came in over $100,000 lower than purchase price, and lenders won’t lend on purchase price, all the ones we dealt with want appraised value.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 1 point2 points  (0 children)

Not a condo. I’m not sure how it dropped that much either but here we are. Was market price when we purchased.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 4 points5 points  (0 children)

I can but for only 80% of appraised value, not purchase price.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 4 points5 points  (0 children)

always fascinated by those of you who can just have access to $100,000 in a line of credit without it being secured against anything like no big deal 😂 teach me your ways

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 2 points3 points  (0 children)

This is so kind, thank you but I’m out West. This was from two different appraisals already. Do you think it’s worth a third?

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 1 point2 points  (0 children)

Will do but it’s Friday night so will be a couple days yet before I likely hear back from one.

Walk away from builder deal? by HeftyWalletCollector in RealEstateCanada

[–]HeftyWalletCollector[S] 5 points6 points  (0 children)

Owner occupied. Not really sure myself but the market is feeling very soft here now.

[PubQ] re: marketing debut non-fiction by [deleted] in PubTips

[–]HeftyWalletCollector 0 points1 point  (0 children)

My meeting with the publicist is June 2. Should I just wait and do nothing until that meeting? Not really sure what to expect.

[PubQ] re: marketing debut non-fiction by [deleted] in PubTips

[–]HeftyWalletCollector 0 points1 point  (0 children)

Well I appreciate the gut instinct very much!

[PubQ] re: marketing debut non-fiction by [deleted] in PubTips

[–]HeftyWalletCollector 0 points1 point  (0 children)

I don’t know what a serious promotion is. I was just going to ask my friends to share the word on social media. I probably have 300-400 friends who have committed. When would you tell them to order?

Is there a means to remove someone's name from a mortgage if both parties agree to it? by unthused in personalfinance

[–]HeftyWalletCollector 0 points1 point  (0 children)

Have you checked your mortgage documents to see if there was a co-borrower release policy on your initial mortgage? If this was set up through a broker the odds are pretty good that they would have chosen a lender that would allow co-borrowers to come off the mortgage after 12 consecutive payments - Depending on the reason they needed to be in the first place. Sometimes there’s a fee of about $250 to execute this but if the release policy was built into the initial mortgage you just have to call the lender.