- Joined
- Aug 30, 2007
- Messages
- 235
Hi,
A great client of mine (uses Peter`s team for financing) informed me that 40 year amort. mortgages were unnattainable for herself (and her JV) when trying to purchase townhouses in NE Edmonton. I drove by the townhouse and its seems in good repair...looked like it was built in the 70`s or early 80`s. Based on the pre-qualifying interview I give prospective clients, she informed me that all beacon scores involved were really good and that her JV partner`s income was really strong AND she has already been approved for (by Kinch`s team) and made offers on properties in the price range we have been looking at...
Are these mortgages lender specific and/or does the client have to meet certain criteria to qualify for 40 year terms?
Can someone in "the know" clarify this for me as it is integral when looking for properties that may or may not have cashflow potential for my clients?...
It may have to do with age as I seem to have little problem qualifying for 40 year terms but the properties I have recently purchased have all been newer.
Thanks for your time,
Lucas
A great client of mine (uses Peter`s team for financing) informed me that 40 year amort. mortgages were unnattainable for herself (and her JV) when trying to purchase townhouses in NE Edmonton. I drove by the townhouse and its seems in good repair...looked like it was built in the 70`s or early 80`s. Based on the pre-qualifying interview I give prospective clients, she informed me that all beacon scores involved were really good and that her JV partner`s income was really strong AND she has already been approved for (by Kinch`s team) and made offers on properties in the price range we have been looking at...
Are these mortgages lender specific and/or does the client have to meet certain criteria to qualify for 40 year terms?
Can someone in "the know" clarify this for me as it is integral when looking for properties that may or may not have cashflow potential for my clients?...
It may have to do with age as I seem to have little problem qualifying for 40 year terms but the properties I have recently purchased have all been newer.
Thanks for your time,
Lucas
