A person's bad luck becomes opportunity for another person. Many buyer's who took 1 year mortgage to close a deal may face challenges in securing a long term mortgage if their property value has declined. Promised were made to get fixed mortgage once creditability is established. Some borrowed money from family towards down payment to make a deal.
Due to application of OFSI rules since January 1, 2018, many those then buyers and now current home owners on short term mortgage are vulnerable and may not qualify for the mortgage because the value of the property has declined. Lenders are refusing to extend the mortgage and demanding full payment on maturity.
Under these circumstance, borrower may not have a choice but to make a decision to sell the property pay off lender, and consequencely loose some equity.
To help facilitate understanding and alternate arrangement, a panel of lawyer, real estate and lenders is being arranged to help you out. If you have obtained a short term mortgage (6-12 Months) and lender is decline to renew the mortgage, you come and meet our panel to get a professional advice.
Short term gain can give you a long term pain.
Tahir I. Qureshi, FRI CRES SRES
Real Estate Broker of Record
City-Pro Realty Inc., Brokerage
905-785-9923 C: 416-451-3489
email: tahir | city-pro ! net