Genworth, the mortgage insurance company, recently sent out this update. Much of the information is valuable information for consumers and real estate professionals. The informed Realtor will be advised to know this information and/or to have a great mortgage associate at your disposal. Here is Genworths update:
Square Footage Minimum - Genworth does NOT have square footage minimum but property size has to be the "norm" for the area. For example; there is a lot of very small condos in downtown Toronto so that is normal for area
NOA Verification - If you go to CRA website www.cra.gc.ca. and request Quick Access, follow the prompts and have available SIN, DOB, TAX YEAR and AMOUNT ON on LINE 150, when you hit continue and if Line 150 is correct, you will get the Name of filer, and statement "your 2007 was assessed on (date on return) " and then you can also confirm the RRSP limit by clicking on that box. If you do not get this information, the NOA presented to you has discrepancies. This is currently good for 2006 and 2007.
If you have further questions attached is the link to Genworth's Underwriting Guidelines for your reference: http://www.genworth.ca/mi/eng/industry_professionals/underwriting_guide.html
Robert May is the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com
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Lethbridge mortgage real estate financing alberta mortgages blog
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta . He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full Lethbridge real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing , preapprovals, and Lethbridge loans financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge
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