- Joined
- Sep 19, 2013
- Messages
- 7
I am purchasing my first rental property and applied for the mortgage just after June 1st and the cmhc fee changes. We has great credit hardly ant debt etc. when the deal came back from the underwriter our mortgage agent told us that cmhc was now charging fees on everything under 25percent as of June 1.
We agreed on the fees as we did not want to put another 5 percent down
I just found out that the rules have changed again and you only need 20 percent down again. I just asked my mortgage broker about this and she said she went back to the bank and they would not change it. So my question is we close July 15th what are our options if we have signed the commitment? Can we go somewhere else to get a mortgage or are we stuck? I would think the banks would have to change it because it is not a closed deal.
Any help would be appreciated.
We agreed on the fees as we did not want to put another 5 percent down
I just found out that the rules have changed again and you only need 20 percent down again. I just asked my mortgage broker about this and she said she went back to the bank and they would not change it. So my question is we close July 15th what are our options if we have signed the commitment? Can we go somewhere else to get a mortgage or are we stuck? I would think the banks would have to change it because it is not a closed deal.
Any help would be appreciated.