MortgagesInVancouver.com Hi, everyone. How are you? It’s Leah Coss with the Mortgage Center. I wanted to help you answer the question, for those of you going through this hard time… “My bank said no, now what do I do?” Well, there’s some good news for you. Basically, your bank is not the only lender out there. When it comes to banks, and it comes to products on the market, there’s so many. I, myself, have access to over 40 lenders. So you can imagine, they’re obviously all not trying to go after the same people. Many banks are only looking for what we call A+ people. These mean that you’ve got great credit, that you’ve got great documented income, a steady job, and a great down payment from a very steady source. The reality is, not all of us are built alike. Not all of us have that. Maybe something happened in the past. Maybe you went through a divorce and your credit took a bang, but it’s not because you don’t pay your bills. Maybe you went on vacation and missed a couple payments. Now your credit’s taken a hit for this temporary time and it’s slowly being built back up, but you want to buy now. Maybe your down payment is coming from an undocumented source, or maybe you’re self employed, and you have so many write offs that your income just isn’t showing up the way that you need it to in order to qualify for the home that you can afford. Banks are going to look at things that can be proven, and banks are going to look at things in a way that makes them feel secure in …
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LeahCoss.ca Hi everyone, how are you? It’s Leah Coss with the Mortgage Center. And I just wanted to do a quick description to help you differentiate what is a commercial deal and what is a residential deal when it comes to buying property or land. Essentially, the first thing that’s the easiest way to differentiate it is, how is it zoned? Is it zoned commercial? There’s some places in Vancouver where you’ve got residential up above and then a commercial corner store or hair salon, [laughter] cash mart or whatever downstairs. So, you’re buying essentially a commercial and residential property. But because it is on zoned commercial land, it is a commercial deal. Even if you’re just buying the place up top. OK. So, that’s important to know. Check the zoning. Doesn’t matter if you’re living in it. Oh, another problem is different old commercial buildings down town. So, they used to be commercial warehouses that have now been converted into lofts. It’s still zoned commercial. And these are huge headaches for people in Vancouver right now, wanting to buy them. They’re zoned commercial, we gotta do commercial lending on it. So, sometimes there’s some Grey area there, but it can make things complicated. So, it’s something to be aware of when you are looking for a home. The other way to differentiate is, how many suites is it? So, for example, if you’re buying a full strata complex, which is a duplex, or a four plex, those are residential. Now, what about if you are buying one of …
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@systemofadownfan23 lol, no, not these Private lenders. They are usually set up like an actual corporation, sometimes called MIC’s, and they are not in any way associated with quido’s type thugs.
yes they don’t care, but if you miss a payment they will send quido to break your leggs