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Old 12-08-2020, 06:34 PM   #181
8sPOT
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Originally Posted by Wastedyouth View Post
Hmmmm...

So who do I bribe for this, haha.

Damn, the market here has cratered so hard, my house valuation is falling as fast as I pay it off.

Sooks! I've got 80k equity in my place from my original purchase price, but the market is so bad now, I actually would be nothing or lose money if I tried to sell.
Typically a refinance nowadays is 80% of the value of the home. So you're mortgage plus whatever reno's etc cannot exceed 80% value of the home.

It used to be that, if the house is valued at $375k or less a 'virtual' type appraisal would suffice, anything higher and a full appraisal is required.

Keep in mind, I left the banking industry in 2012 so there's likely been changes.
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Old 12-09-2020, 09:51 AM   #182
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Originally Posted by 8sPOT View Post
Typically a refinance nowadays is 80% of the value of the home. So you're mortgage plus whatever reno's etc cannot exceed 80% value of the home.

It used to be that, if the house is valued at $375k or less a 'virtual' type appraisal would suffice, anything higher and a full appraisal is required.

Keep in mind, I left the banking industry in 2012 so there's likely been changes.
Depends on who you are refinancing through. Some have automated systems some have manual inspections that compare recent sale data for comparable houses.
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Old 12-09-2020, 10:09 AM   #183
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^All good points, but the main takeaway is they've lowered market rates since competitors will match. So you don't even have to use HSBC, you'll probably be able to get the same low rate from a competitor
Not quite true as of now. One thing to note it is a small percentage of people who can actually qualify for the rate.

New purchases only
CMHC Insured - Which means they have tighter lending debt ratios
Anyone putting 20% or more doesn't qualify

As of now no one else is near this rate since they know HSBC will have a hard time actually getting any mortgages funded. Apparently it is a 2-3 hour wait to speak with someone then a 24-48 hour wait to get a response from their Mortgage Specialists.
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