Timeline for Am I paying too much in mortgage interest?
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Mar 31, 2017 at 20:53 | comment | added | JollyGoodTime | I am talking about mortgage insurance. I have the property insured since I bought the place but the banks won't give me a mortgage no matter what LTV I have without the mortgage insurance. So basically the mortgage insurance is whats holding me up from a conventional mortgage. | |
| Mar 31, 2017 at 16:50 | comment | added | D Stanley | Are you asking about homeowners insurance or mortgage insurance? Those are completely separate issues. | |
| Mar 31, 2017 at 15:49 | comment | added | JollyGoodTime | In Canada CMHC will no longer insure properties without power (from a power company) and Genworth didn't want to insure us either because of the road mainly. | |
| Mar 31, 2017 at 15:49 | comment | added | JollyGoodTime | Yeah it sorta makes sense. With there being no power, for them to shut down our place for the year (close it up to sell it), they would have to hire a professional. Plus nobody can get to the property for 5 months of the year as well. So i sorta get it. But still we have so much paid off! I would think the risk would be small. | |
| Mar 31, 2017 at 15:47 | comment | added | D Stanley | @JollyGoodTime the problem could be that they don't know the true market value or it's such a niche property they would have a tough time selling it in a foreclosure. | |
| Mar 31, 2017 at 15:30 | comment | added | JollyGoodTime | I always thought the LTV thing was real as well. But every time I go to different banks they get excited looking at our LTV saying that they should be able to do something for us (since it's so good and appraised at what we paid). But it always comes back to they don't want to risk it on our property. It's really too bad. We have paid off so much. | |
| Mar 31, 2017 at 15:29 | comment | added | JollyGoodTime | Hello, thankfully we have a contract in place. I found a free one online and mention everything i stated above, I replace the numbers with accurate ones every year and we both have the contract. I am not worried about him, and him not worried about us. We actually feel pretty safe with him since if me or my partner died, I know he would let us not pay interest for a few months. This is really not much money for him, just us. | |
| Mar 31, 2017 at 13:37 | history | answered | D Stanley | CC BY-SA 3.0 |