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04-10-2021, 10:07 AM
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#18076
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Need my Daily Fix of RS
Join Date: Oct 2018
Location: Vancouver
Posts: 293
Thanked 353 Times in 129 Posts
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Quote:
Originally Posted by Infiniti
Can someone explain to me how the rules differ with respect to down payments between CMHC standard and British Columbia? Looking to confirm whether what I heard is completely bogus or is actually true.
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Are you referring to mortgage default insurance? Basically you need to pay this if you are going for a high ratio mortgage with a downpayment of less than 20%.
Most refer it as CMHC insurance because it's the most common, but there are private insurers that also provide this insurance. You'll need it either way in most cases to have the mortgage approved by the broker or bank.
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04-10-2021, 10:45 AM
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#18077
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I *heart* Revscene.net very Muchie
Join Date: Jan 2002
Location: Ottawa
Posts: 3,573
Thanked 754 Times in 299 Posts
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Quote:
Originally Posted by JDMDreams
What BC standard, it's 20% 5% min
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To your point, as per CMHC, " You will typically have a minimum down payment starting at 5%. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.".
However, I was told via second hand info (hence me wanting to see if there was any validity to it) that credit unions like Vancity don't adhere to CMHC rules, and as such are willing to give you people a bigger mortgage to makeup for not meeting the downpayment requirements.
Like I said, could be complete BS, but figured that the very knowledgeable people who frequent this thread are likely to know better.
Edit: talking within the context of $1M + mortgages.
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04-10-2021, 10:51 AM
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#18078
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Orgasm Donor & Alatar owned my ass twice!
Join Date: Apr 2014
Location: Van
Posts: 6,886
Thanked 2,774 Times in 1,506 Posts
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I thought they don't let you do high ratio for over $1m. Vancity is different as they are not a bank so they have different rules. Same with private lenders
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04-10-2021, 10:53 AM
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#18079
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I *heart* Revscene.net very Muchie
Join Date: Jan 2002
Location: Ottawa
Posts: 3,573
Thanked 754 Times in 299 Posts
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Quote:
Originally Posted by JDMDreams
I thought they don't let you do high ratio for over $1m. Vancity is different as they are not a bank so they have different rules. Same with private lenders
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Ok, so there is something to this then. Wonder if anyone on here can speak to Vancity's rules.
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04-10-2021, 11:07 AM
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#18080
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My AFC gave me an ABS CEL code of LOL while at WOT!
Join Date: Nov 2006
Location: vancouver
Posts: 3,560
Thanked 1,459 Times in 505 Posts
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Honestly if you have any specific questions you should contact your Vancity broker and they'll be more than happy to help you.
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04-10-2021, 11:59 AM
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#18081
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Orgasm Donor & Alatar owned my ass twice!
Join Date: Apr 2014
Location: Van
Posts: 6,886
Thanked 2,774 Times in 1,506 Posts
Failed 250 Times in 154 Posts
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Yes they will be glad to take your money
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04-10-2021, 12:42 PM
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#18082
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I *heart* Revscene.net very Muchie
Join Date: Jan 2002
Location: Ottawa
Posts: 3,573
Thanked 754 Times in 299 Posts
Failed 41 Times in 19 Posts
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Quote:
Originally Posted by Fafine
Honestly if you have any specific questions you should contact your Vancity broker and they'll be more than happy to help you.
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I don't bank with Vancity. This was merely a question more for conversation sake as it was news to me that institutions like Vancity could side-step CMHC regulations.
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04-10-2021, 02:16 PM
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#18083
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I STILL don't get it
Join Date: Aug 2015
Location: Main & Hastings
Posts: 485
Thanked 513 Times in 170 Posts
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I haven't worked as a bank slave for a few years now, but credit unions are regulated by the province rather than federally which means some of the federal rules don't apply. A regular mortgage application has an amortization period of 25 years (or 30 years) at a big bank. I think credit unions can offer an amortization of 35 years which results in an easier approval? maybe
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04-10-2021, 04:05 PM
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#18084
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in the butt
Join Date: Aug 2016
Posts: 3,572
Thanked 4,839 Times in 1,729 Posts
Failed 225 Times in 126 Posts
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Quote:
Originally Posted by JDMDreams
Yes they will be glad to take your money
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Vancity - "M̶a̶k̶e̶ We make good money"
__________________
Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
Donk already looks like he's on fent
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04-10-2021, 06:43 PM
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#18085
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My AFC gave me an ABS CEL code of LOL while at WOT!
Join Date: Nov 2006
Location: vancouver
Posts: 3,560
Thanked 1,459 Times in 505 Posts
Failed 244 Times in 95 Posts
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Lol doesn't hurt to ask?
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04-10-2021, 06:50 PM
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#18086
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RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002
Location: Vancouver
Posts: 8,419
Thanked 4,040 Times in 1,562 Posts
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I had my door replaced by Sams. Was the cheapest around by far. Haven’t had any issues
__________________
Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
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04-11-2021, 06:42 PM
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#18087
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Los Bastardo owned my ass at least once
Join Date: Mar 2006
Location: Vancouver
Posts: 6,192
Thanked 4,925 Times in 2,284 Posts
Failed 74 Times in 48 Posts
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Do you guys know if Sam's does installs for the electric rolling gates for car ports?
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04-12-2021, 06:45 AM
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#18088
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Willing to sell body for a few minutes on RS
Join Date: Mar 2002
Location: Victoria
Posts: 10,931
Thanked 5,576 Times in 2,052 Posts
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Quote:
Originally Posted by ssjGoku69
I haven't worked as a bank slave for a few years now, but credit unions are regulated by the province rather than federally which means some of the federal rules don't apply. A regular mortgage application has an amortization period of 25 years (or 30 years) at a big bank. I think credit unions can offer an amortization of 35 years which results in an easier approval? maybe
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Depends on the credit union. Coast Capital became a federal credit union in 2016.
__________________
1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
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04-12-2021, 08:58 AM
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#18089
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I subscribe to Revscene
Join Date: May 2001
Location: Vancouver
Posts: 1,980
Thanked 181 Times in 66 Posts
Failed 42 Times in 9 Posts
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everyone notice SDH are slowing down a bit now in E Van?
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04-12-2021, 09:04 AM
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#18090
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Orgasm Donor & Alatar owned my ass twice!
Join Date: Apr 2014
Location: Van
Posts: 6,886
Thanked 2,774 Times in 1,506 Posts
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^ every house I've seen with a for sale sign has sold on it
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04-12-2021, 09:14 AM
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#18091
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OMGWTFBBQ is a common word I say everyday
Join Date: Nov 2010
Location: /
Posts: 5,433
Thanked 3,183 Times in 1,257 Posts
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SFH is hottttttttttt
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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04-12-2021, 10:04 AM
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#18092
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I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 39,479
Thanked 16,089 Times in 6,561 Posts
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Quote:
Originally Posted by DA9ve
everyone notice SDH are slowing down a bit now in E Van?
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Realtors aren’t even getting back to me when I message about viewing an open house if that’s any indicator..
__________________
Dank memes cant melt steel beams
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04-12-2021, 11:03 AM
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#18093
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RS has made me the bitter person i am today!
Join Date: Mar 2011
Location: Vancouver
Posts: 4,847
Thanked 5,600 Times in 2,261 Posts
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Quote:
Originally Posted by DA9ve
everyone notice SDH are slowing down a bit now in E Van?
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Nahhhhh. We've just become numb to the prices. They aren't going up $100k a week no more but the pricing is still nuts. Renovated Van specials are going for as much as $2.2m like 1425 Nootka which is wild as a SDH with laneway was going for $2.5m just a couple months ago. Also see 127 E46th - a lightly renovated Van special that went for $2.2m.
I've mostly stopped looking for a property to build on right now - my budget is/was $1.6m for a lot and it's no longer realistic to get one for that price anymore (it was about 3 months ago).
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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04-12-2021, 11:08 AM
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#18094
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RS.net, helping ugly ppl have sex since 2001
Join Date: Aug 2007
Location: Paradise, BC
Posts: 8,381
Thanked 8,148 Times in 3,389 Posts
Failed 262 Times in 148 Posts
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Quote:
Originally Posted by supafamous
I've mostly stopped looking for a property to build on right now - my budget is/was $1.6m for a lot and it's no longer realistic to get one for that price anymore (it was about 3 months ago).
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If that's the case, wouldn't it make sense to change gears and just start looking at something that is move-in-ready or close to being move-in-ready?
That's what I did a couple of years ago -- looked into custom builds, thought the overall costs + build time + hassle were too much, so I gave up on the idea and just straight up went to look at something I can move into relatively quickly. We still ended up doing some minor renos before moving it, but we found our current place relatively quickly.
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04-12-2021, 11:31 AM
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#18095
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RS has made me the bitter person i am today!
Join Date: Mar 2011
Location: Vancouver
Posts: 4,847
Thanked 5,600 Times in 2,261 Posts
Failed 123 Times in 58 Posts
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Quote:
Originally Posted by Traum
If that's the case, wouldn't it make sense to change gears and just start looking at something that is move-in-ready or close to being move-in-ready?
That's what I did a couple of years ago -- looked into custom builds, thought the overall costs + build time + hassle were too much, so I gave up on the idea and just straight up went to look at something I can move into relatively quickly. We still ended up doing some minor renos before moving it, but we found our current place relatively quickly.
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Yeah, I'm keeping an eye on that option but since it's move in ready I'm not in the same kind of hurry as I figured a new build would take 2.5yrs for move in. I basically want to get it sorted before my 2 year old hits kindergarten so she doesn't have to switch schools - at the moment that means I've got a small window left to find a lot but a good chunk of time before I buy something ready made (or in between like a big Van special that needs a bunch of Renos).
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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04-12-2021, 12:17 PM
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#18096
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My dinner reheated before my turbo spooled
Join Date: Jan 2008
Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
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Maple ridge is HOT.
Friends house in the middle of no where sold $1.05 million. 350k over assemenent.
God damn.
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04-12-2021, 12:28 PM
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#18097
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I told him no, what y'all do?
Join Date: Aug 2006
Location: Vancouver
Posts: 10,914
Thanked 6,649 Times in 2,941 Posts
Failed 110 Times in 72 Posts
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where do you go from there? it's quite a ways out...coming west will cost more, going further east...i guess interior?
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Feedback
http://www.revscene.net/forums/showthread.php?t=611711
Quote:
Greenstoner
1 rat shit ruins the whole congee
originalhypa
You cannot live the life of a whore and expect a monument to your chastity
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Quote:
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat
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04-12-2021, 12:41 PM
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#18098
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Need to Shave n Shower, but I CANT STOP POSTING ON RS
Join Date: Apr 2007
Location: Okanagan
Posts: 17,635
Thanked 10,459 Times in 4,575 Posts
Failed 436 Times in 234 Posts
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Quote:
Originally Posted by Hondaracer
Realtors aren’t even getting back to me when I message about viewing an open house if that’s any indicator..
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No view, only buy.
__________________
1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed]
Quote:
Originally Posted by maksimizer
half those dudes are hotter than ,my GF.
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Quote:
Originally Posted by RevYouUp
reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z
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Quote:
Originally Posted by Good_KarMa
OH thank god. I thought u had sex with my wife. :cry:
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04-12-2021, 12:42 PM
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#18099
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I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 39,479
Thanked 16,089 Times in 6,561 Posts
Failed 2,165 Times in 747 Posts
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Brand new builds in new subdivisions in Kamloops are starting at a mill, so pick your poison lol
__________________
Dank memes cant melt steel beams
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04-12-2021, 12:43 PM
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#18100
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I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 39,479
Thanked 16,089 Times in 6,561 Posts
Failed 2,165 Times in 747 Posts
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Quote:
Originally Posted by underscore
No view, only buy.
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Basically. Oh you aren’t a realtor representing Somone? No thanks
__________________
Dank memes cant melt steel beams
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