Mortgage pre-approvals and avoiding CMHC/Genworth
Has anyone applied for a mortgage and was able to put the 25% down (it's now at 20%) and avoid CMHC and Genworth. Does it change the application process any?
The reason I ask is that we've been getting different answers everytime we contact our mortgage company. We're looking to sell here and move to Halifax. The equity we've built up in the last year will allow us to put at least 25-30% down and still have a little to put in our bank. The thing is is that it's much harder to get a job in another province vs when you're living there.
So one person told us that we'd basically have to start the mortgage process over again like a brand new customer and have to go through getting approved, send in all the documents again. Another person told us we'd pay a penalty because we're decreasing the mortgage by such a large amount but that we'd keep our rate we have now and that we'd need to show a purchase agreement for the place we want to buy, show proof of our new jobs in Hfx, and that they don't care about any agreement for our current home. Another told us that the pre-approval would be based on our current jobs in Calgary, to have a purchase agreement for the new place, have an offer on our current house and that we should have no problem getting approved for a much smaller amount down there because it's based on our Calgary stats and we qualified for a huge mortgage here. The last person also told us that if we could put down the 25% to avoid CMHC that we would go ahead and get the pre-approval based on our Calgary jobs and not have the underwriter (i.e CMHC or Genworth) review things. So when I asked her what's to stop someone from getting the pre-approval here and once things are signed to quit their jobs and move down there with no jobs and she said that there would be nothing to stop the person. I really don't know who to believe and everytime we call them we get a different answer.
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