Loan and Behold
A residential mortgage is secured by real property containing no more than this many dwelling units.
What is 4.
Members must receive the CUC852 at least this many hours before signing mortgage documents.
What is 48 hours.
The penalty to convert a variable-rate mortgage to a fixed rate before maturity is this amount.
What is no penalty?
This insurance protects against problems with ownership and title registration.
What is title insurance (or FCT)?
The phrase heard most often by lenders in spring home-buying season.
What is "How much can I qualify for?"
In urban locations, a drive-by appraisal may be used up to this loan amount.
What is $250,000?
For non-resident residential lending, the maximum loan-to-value ratio is this percentage.
What is 65%?
Members are not permitted to order this item themselves for mortgage financing purposes.
What is an appraisal report?
During construction, interest is generally calculated only on this amount.
What is the amount advanced to date?
The document that always seems to be missing right before issuing a pre-approval
What is a proof of income document?
Under the Municipal Government Act, these take priority over all lender security interests.
What are municipal property taxes?
For traditional residential standards, a property must generally have at least this many bedrooms above ground.
What are two bedrooms?
Log homes are restricted to this maximum LTV.
What is 50%?
This type of water supply does not meet ECCU or mortgage insurer standards.
What is a cistern water supply?
The phrase that makes underwriters nervous: "Don't worry, I'll send it..."
What is "tomorrow"?
For qualification purposes, rental income generally becomes a significant risk factor when it exceeds this percentage of the borrower's total income.
What is 25%?
This type of employment income may require a two-year history before it can be fully considered for qualification.
What is commission income?
This document must be attached to the CUC852 before it is sent to the member.
What is the Amortization Schedule?
A property must have a permanent source of this in order to meet traditional residential standards.
What is heat?
The first thing many borrowers look at before anything else.
What is the interest rate?
A well on a new-construction property must produce at least this amount of water.
What is 18 litres (4 gallons) per minute for one hour?
Properties with this product are financeable only if removed before closing or repaired through Purchase Plus Improvements.
What is Kitec piping?
The lender's concern with extensive deferred maintenance is whether the property will continue to maintain this.
What is market value?
Student Housing mortgages for non-residents require this many months of principal, interest, and taxes to be held on deposit.
What is 12 months?
This happens immediately after a borrower says they won't make any big purchases before closing.
What is buying a new vehicle?