May 31 2009
New Home Shopping - Mortgage Theoreticals
So, as usual I’ve done my homework and read everything I can find on the subject, I’m conversant with the array of mortgage products and I think I have the major players lending guidelines figured out.
I have some numbers in my head, but I want some sort of official confirmation.
I call the mortgage broker recommended by my Mom, turns out the mortgage broker is now working for one of the big five banks. No biggie, I’m not ready to apply for financing yet, so I warn her that this is a meeting to discuss hypotheticals and to confirm my numbers, we’re not interested in proceeding further than that at this time.
No problem. We’ll see.
The day arrives and we attend the bank branch for our meeting. We’re kept waiting 15 minutes (for no readily apparent reason) and as we settle ourselves into a spartan office we’re asked for our bank cards.
Me:“Oh, we’re not customers of Mega-Uber-Bank. We’re more like financial mercenaries, dealing with a variety of Financial Institutions.”
Mortgage Guy:“We do reward customer loyalty…”
Me:“I already receive completely free banking through my credit union, lets move on to the mortgage.”
Now. I had given advance warning that this was to be a hypothetical discussion as to mortgage size, bridge financing and all sorts of other little housy related stuff.
MG:“I’ll just need to get your authorization to check….”
Me: “No. I’m not prepared to generate more inquiries on our credit reports, I can tell you our credit scores and we can proceed on that basis.”
MG:“It’s not really a credit hit, we use Transunion which is hardly used for credit reports”
Me:“True. Just little companies like yours, American Express, MBNA and a few other wee financial outfits. No, no credit check. Sorry.”
The conversation proceeded from there, I told him our credit scores and gave him our current obligations, agreed that lying was singularly pointless and further agreed that this was a hypothetical number crunch as there was no file created.
In the end we had my numbers confirmed (although I had overestimated the available equity in our present home, failing to consider 80% LTV would be the max they would advance).
Ok, so now we have our ballpark, it’s time to prep our place for sale.
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I remember paiting and staging my old place. We already had one offsite locker and had to rent a second. Shows what kind of pack rat I am.
Don’t forget, there is still a great deal on a house down here.
Hi Erik.
I sent you an e-mail a couple days ago but figure it might have been filtered out.
I’m going to be in Toronto for a few days starting on the 14th and wanted to see if you had time to get together.
Good luck with the house buying. Traci and I just bought a house in Edmonton yesterday…finally the Surrey house sold…and we got a huge deal. We take possession in mid-August.
Like you, we based our purchase on being able to keep things rolling with only one income, mainly tied to me being a student at this point!
Congrats on the house Greg! You too Mon for even the effort at gettin’ somethin’ else. I’ll be stuck in my current abode till forever as Connie doesn’t want to move to a newer, bigger and livelier place, due to it’s location in Vancouver.
Where you planning on buying next Erik?
Greg, send me an e-mail if you’ve still got my current address (it’s been the same for the last 12 years). I seem to have misplaced yours as a recent virus in my computer destroyed a lot of my old data.
Patrick, you can get me at
(My last name) at ualberta.ca
Cheers,
Greg