"GIT-R-DONE" summarizes the attitude mortgage brokers have getting people into non-conforming loans in Edmonton. This article in the Edmonton Real Estate weekly goes over many of the available options with these products. It describes these options as blessings for the consumer without any cautions to the drawbacks. There is also the attitude that any form of ownership is superior to renting:Rents have also escalated dramatically and rental units are scarce, leaving tenants discouraged and financially strained, looking for a better way to put a roof over their heads but hoping to stay in Edmonton.How to stay in Edmonton without renting?
"GIT-R-DONE" with higher debt service ratios:
non-conforming lenders, available primarily through mortgage brokers, may allow as much as 50% of the monthly income to be used for both housing and consumer debt.
"GIT-R-DONE" with creative and non-legal income:
Some examples of acceptable income are self-employed income, as little as one day in business, part-time employment, overtime earnings and even non-declared tips. Other commonly used income includes GST cheques, child tax, child support and alimony payments (both court-ordered and not), pensions, foster parent income, workers’ compensation payments and even rental income from a roommate or illegal basement suite.
"GIT-R-DONE" with whatever this means:
In some cases non-taxable income received can be grossed up by as much as 25% to help qualify for the mortgage.
"GIT-R-DONE" with longer amortization:
Another way to improve the chances of qualifying for a mortgage is by stretching the repayment period out over a longer amortization period, as much as 40 years.
Just be sure to "GIT-R-DONE":
Don’t talk yourself out of trying to buy because you think you can’t qualify with today’s prices. With the hundreds of mortgage products available to borrowers today through a mortgage broker, the odds are certainly in your favour!
Update: I thought i was being original but there appears to be a Git-r-done mortgage shop already open for business.
2 comments:
Hilarious as usual, Bearclaw!
Lived in Alberta at another boom to bust time in the late late 70's to early 80's. Just a matter of time until we read MSM headlines of mortgage fraud, such as is being encouraged by "inflating" incomes to secure mortgages.
Recall one major bust in Calgary that included several realtors, flippers, stand in mtg qualifiers, mortgage brokers and even a couple of lawyers.Seems eventaully the ponzee scheme of selling to each other collapsed when the final suckers in the chain of reselling and remortgaging owed too much to flip anymore. Then it all collapsed.
Bet there are many deals out there just waiting to "unwind"
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