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04-10-2021, 10:07 AM
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#18076 | | Need my Daily Fix of RS
Join Date: Oct 2018 Location: Vancouver
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Originally Posted by Infiniti  Can someone explain to me how the rules differ with respect to down payments between CMHC standard and British Columbia? Looking to confirm whether what I heard is completely bogus or is actually true. | Are you referring to mortgage default insurance? Basically you need to pay this if you are going for a high ratio mortgage with a downpayment of less than 20%.
Most refer it as CMHC insurance because it's the most common, but there are private insurers that also provide this insurance. You'll need it either way in most cases to have the mortgage approved by the broker or bank.
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04-10-2021, 10:45 AM
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#18077 | | I *heart* Revscene.net very Muchie
Join Date: Jan 2002 Location: Ottawa
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Originally Posted by JDMDreams What BC standard, it's 20% 5% min | To your point, as per CMHC, " You will typically have a minimum down payment starting at 5%. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.".
However, I was told via second hand info (hence me wanting to see if there was any validity to it) that credit unions like Vancity don't adhere to CMHC rules, and as such are willing to give you people a bigger mortgage to makeup for not meeting the downpayment requirements.
Like I said, could be complete BS, but figured that the very knowledgeable people who frequent this thread are likely to know better.
Edit: talking within the context of $1M + mortgages.
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04-10-2021, 10:51 AM
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#18078 | | I *heart* Revscene.net very Muchie
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I thought they don't let you do high ratio for over $1m. Vancity is different as they are not a bank so they have different rules. Same with private lenders
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04-10-2021, 10:53 AM
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#18079 | | I *heart* Revscene.net very Muchie
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Originally Posted by JDMDreams I thought they don't let you do high ratio for over $1m. Vancity is different as they are not a bank so they have different rules. Same with private lenders | Ok, so there is something to this then. Wonder if anyone on here can speak to Vancity's rules.
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04-10-2021, 11:07 AM
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#18080 | | My AFC gave me an ABS CEL code of LOL while at WOT!
Join Date: Nov 2006 Location: vancouver
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Honestly if you have any specific questions you should contact your Vancity broker and they'll be more than happy to help you.
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04-10-2021, 11:59 AM
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#18081 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2014 Location: Van
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Yes they will be glad to take your money
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04-10-2021, 12:42 PM
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#18082 | | I *heart* Revscene.net very Muchie
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Originally Posted by Fafine Honestly if you have any specific questions you should contact your Vancity broker and they'll be more than happy to help you. | I don't bank with Vancity. This was merely a question more for conversation sake as it was news to me that institutions like Vancity could side-step CMHC regulations.
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04-10-2021, 02:16 PM
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#18083 | | I don't get it
Join Date: Aug 2015 Location: Main & Hastings
Posts: 449
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I haven't worked as a bank slave for a few years now, but credit unions are regulated by the province rather than federally which means some of the federal rules don't apply. A regular mortgage application has an amortization period of 25 years (or 30 years) at a big bank. I think credit unions can offer an amortization of 35 years which results in an easier approval? maybe
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04-10-2021, 04:05 PM
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#18084 | | in the butt
Join Date: Aug 2016
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Originally Posted by JDMDreams Yes they will be glad to take your money | Vancity - "M̶a̶k̶e̶ We make good money"
__________________ Quote: Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
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Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
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I saw some bimbo live streaming her coffee order while standing in line. I wanted to slap the phone out of her hand and throw her into the bean grinder | | |
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04-10-2021, 06:43 PM
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#18085 | | My AFC gave me an ABS CEL code of LOL while at WOT!
Join Date: Nov 2006 Location: vancouver
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Lol doesn't hurt to ask?
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04-10-2021, 06:50 PM
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#18086 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
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I had my door replaced by Sams. Was the cheapest around by far. Haven’t had any issues
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04-11-2021, 06:42 PM
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#18087 | | Rs has made me the man i am today!
Join Date: Mar 2006 Location: Vancouver
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Do you guys know if Sam's does installs for the electric rolling gates for car ports?
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04-12-2021, 06:45 AM
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#18088 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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Originally Posted by ssjGoku69 I haven't worked as a bank slave for a few years now, but credit unions are regulated by the province rather than federally which means some of the federal rules don't apply. A regular mortgage application has an amortization period of 25 years (or 30 years) at a big bank. I think credit unions can offer an amortization of 35 years which results in an easier approval? maybe | Depends on the credit union. Coast Capital became a federal credit union in 2016.
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A vehicle for all occasions
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04-12-2021, 08:58 AM
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#18089 | | I subscribe to Revscene
Join Date: May 2001 Location: Vancouver
Posts: 1,980
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everyone notice SDH are slowing down a bit now in E Van?
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04-12-2021, 09:04 AM
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#18090 | | I *heart* Revscene.net very Muchie
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^ every house I've seen with a for sale sign has sold on it
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04-12-2021, 09:14 AM
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#18091 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
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SFH is hottttttttttt
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04-12-2021, 10:04 AM
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#18092 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Originally Posted by DA9ve everyone notice SDH are slowing down a bit now in E Van? | Realtors aren’t even getting back to me when I message about viewing an open house if that’s any indicator..
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Dank memes cant melt steel beams
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04-12-2021, 11:03 AM
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#18093 | | I contribute to threads in the offtopic forum
Join Date: Mar 2011 Location: Vancouver
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Originally Posted by DA9ve everyone notice SDH are slowing down a bit now in E Van? | Nahhhhh. We've just become numb to the prices. They aren't going up $100k a week no more but the pricing is still nuts. Renovated Van specials are going for as much as $2.2m like 1425 Nootka which is wild as a SDH with laneway was going for $2.5m just a couple months ago. Also see 127 E46th - a lightly renovated Van special that went for $2.2m.
I've mostly stopped looking for a property to build on right now - my budget is/was $1.6m for a lot and it's no longer realistic to get one for that price anymore (it was about 3 months ago).
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04-12-2021, 11:08 AM
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#18094 | | Hypa owned my ass at least once
Join Date: Aug 2007 Location: Paradise, BC
Posts: 6,567
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Originally Posted by supafamous I've mostly stopped looking for a property to build on right now - my budget is/was $1.6m for a lot and it's no longer realistic to get one for that price anymore (it was about 3 months ago). | If that's the case, wouldn't it make sense to change gears and just start looking at something that is move-in-ready or close to being move-in-ready?
That's what I did a couple of years ago -- looked into custom builds, thought the overall costs + build time + hassle were too much, so I gave up on the idea and just straight up went to look at something I can move into relatively quickly. We still ended up doing some minor renos before moving it, but we found our current place relatively quickly.
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04-12-2021, 11:31 AM
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#18095 | | I contribute to threads in the offtopic forum
Join Date: Mar 2011 Location: Vancouver
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Originally Posted by Traum If that's the case, wouldn't it make sense to change gears and just start looking at something that is move-in-ready or close to being move-in-ready?
That's what I did a couple of years ago -- looked into custom builds, thought the overall costs + build time + hassle were too much, so I gave up on the idea and just straight up went to look at something I can move into relatively quickly. We still ended up doing some minor renos before moving it, but we found our current place relatively quickly. | Yeah, I'm keeping an eye on that option but since it's move in ready I'm not in the same kind of hurry as I figured a new build would take 2.5yrs for move in. I basically want to get it sorted before my 2 year old hits kindergarten so she doesn't have to switch schools - at the moment that means I've got a small window left to find a lot but a good chunk of time before I buy something ready made (or in between like a big Van special that needs a bunch of Renos).
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Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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04-12-2021, 12:17 PM
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#18096 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
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Maple ridge is HOT.
Friends house in the middle of no where sold $1.05 million. 350k over assemenent.
God damn.
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04-12-2021, 12:28 PM
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#18097 | | I told him no, what y'all do?
Join Date: Aug 2006 Location: Vancouver
Posts: 9,835
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where do you go from there? it's quite a ways out...coming west will cost more, going further east...i guess interior?
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http://www.revscene.net/forums/showthread.php?t=611711 Quote: Greenstoner
1 rat shit ruins the whole congee
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[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat
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04-12-2021, 12:41 PM
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#18098 | | To me, there is the Internet and there is RS
Join Date: Apr 2007 Location: Okanagan
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Originally Posted by Hondaracer Realtors aren’t even getting back to me when I message about viewing an open house if that’s any indicator.. | No view, only buy.
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
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Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
Originally Posted by RevYouUp reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z | Quote:
Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | | |
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04-12-2021, 12:42 PM
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#18099 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Brand new builds in new subdivisions in Kamloops are starting at a mill, so pick your poison lol
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Dank memes cant melt steel beams
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04-12-2021, 12:43 PM
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#18100 | | I have named my kids VIC and VLS
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Posts: 36,404
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Originally Posted by underscore No view, only buy. | Basically. Oh you aren’t a realtor representing Somone? No thanks
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Dank memes cant melt steel beams
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