If you miss one mortgage payment nothing really happens if you contact the lender right away and notify of the situation. The bank can withdraw a double payment next month to complete the missing mortgage payment.

My fiancee is living in parents house but his name is also on the mortgage. I believe the mortgage is under my fiancee`s name and his mom only. The problem is my fiancee an I are now planning to jointly apply for mortgage. My fiancee doesn`t pay for any mortgage payments on their house. The parents does. His name is just linked on the deed. How will this affect CHMC approval? Their house is assessed at around $370 k and the house we want is $250 k.

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I am resident of montreal canada, newly arrived immigrant in may 2008.me and my wife planned to buy home here? as she was working since past one year as physiotherapist and had a credit history of 8 years in canada.we applied in a bank for mortgage pre-approval and got an approval of $266000 as my wife was first applicant and i am the second applicant but in the pre-approval it is mentioned that subject to cmhc approval as we are planning to pay 5% of down payment. my question is : will we get denied by cmhc due to my limited credit history or 6 months of work experience in canada. as my wife has good credit history and work experience here our total annual income is $76000.

I had the same problem when I moved back to Canada. I think if you have at least 6 months under your belt you should be fine. Otherwise you will have to find a more creative lender and possibly pay higher interest, however, rates are low now and it's a buyer's market.

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So, if you buy a house with less than 25% down payment, you have to pay for mortgage insurance provided by cmhc, aig or genworth (ge). however, my lender has added "life insurance" to the tune of $237 per month onto my monthly payment, and it is wholly separate from the mortgage insurance. is this compulsory? i see no clause for opting out of it. i can get far superior life insurance through my employer for only $83/month. do i have to go with the lenders??

It's not compulsory, and they are by rights supposed to clearly indicate that on the paperwork. You are correct that the insurance is a bad deal, it's some of the highest insurance going, and costs the same each month whether you pay down the debt or not, yet only pays the mortgage owing at time of death. Bad deal.

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So me and my partner want to buy a house, we put an offer on it and it was accepted subject to financing. so we went to the bank and we did the paperwork. i have 6 things in total on my credit history, 3 old bad marks on my history which were paid off in full as soon as i found out about them, and 3 more recent good marks my credit card and my two student loans which are all paid as agreed. my partner has no credit to his name. he has no bad credit but he has no good credit either. just nothing. when we went to the bank the monthly payment we would make on the mortgage is good for our monthly debt ratio. we have a 5% downpayment, legal fees, and a little bit more savings for the little unexpected fees. the loans officer at the bank said that as long as cmhc approved us then we were straight approved by the bank. so my question is due to the credit histories of my partner and i do we have any kind of chance at all? the bad marks on my history are 1. 5 years ago i had a store card and i was 90 days late on a payment. never went to collections and i paid it off right away. 2. i had a long distance plan on my phone and when i moved i cancelled the account but i never received anything from them even though i forward my mail. it was a small amount $112. i just found out about it in sept 09' and paid it off right away. it was from 3 years ago. 3. i had a cell phone bill that i was fighting with the company about and they just sent it to collections and then added the cancel of the contract fee on it and i did pay it off. the total of all that debt was less then $2000 which i paid all off, those are the only things bad. back in october 09' was when i paid the last one.

15% is pretty much the standard for a down payment now. You should work to build his credit over the next couple of years and keep yours clean.

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I was pre-approved for a loan of $86,000 max. does this mean i can shop for a home? or am i not guaranteed the loan yet? my mortgage broker told me that i can get pre-approved for this much but it is not guaranteed that it will have no down-payment until i find a home and they put it through cmhc. i'm not really sure where to go from here!

It actually sounds like you have been pre-qualified rather than pre-approved. Pre-qualified means that they have looked at your income, expenses and credit report and determined the maximum amount you would be able to borrow. This does not mean that you have a loan. Pre-approved means that they have looked at income, expenses and credit along with getting copies of tax returns, verified your income and down payment and done everything they will need to do to get you a loan. Unfortunately, this does not mean that you have a loan either. Financial situations can change very quickly, you could get a raise or a new job, you could lose your job, something could get added to your credit report, interest rates can go up or down or the loan program the lender qualified you under could be eliminated. Being pre-approved is better, but lenders will rarely do it because it takes more time and effort on their part than simply pre-qualifying. You can shop for a home and find something that is under the $86k range.

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I recently applied for a mortgage and was turned down because i needed default mortgage insurance and when the bank applied for it, i was not approved(i had less than 20% down payment). said bank only uses cmhc as a source for the default insurance. i managed to get enough, through a gift from a family member for a 20% down payment and so i went to a mortgage broker. first lender turned me down. second lender still wanted deafult insurance which the broker again tried cmhc and was denied without a co-signer. he is trying lender number #3 with a different company for the insurance. five years ago, i declared bankruptcy when i had breast cancer and couldn't pay my bills. three years ago i was discharged and have had loans that were paid perfectly since then. the broker said my credit score was 674 but i am thinking he may have made a mistake because otherwise, i wouldn't be getting turned down. what's the chances of going back to the bank with my 20% and getting approved?

I don't know, but I had a discharged bankrupt woman get approved for a mortgage, so it is possible. What are the lenders worried about? Would your debt to income ratio be too high? Are the carrying costs too much (including some heat and taxes)? Have your mortgage broker provide more information as to the reasons - then you can more likely find a way to remedy them.

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Me and my wife bought a house on zero down payment four months ago. she walked away after 8 days of moving in house. we are seperated now. i am paying mortgage and all expenses from 1st day. i paid all the expenses in buying this house too.this house has no equity. in reality its 7,000 in dept becuse of cmhc insurance for mortgage to qualify for 0 down payment .bank agreed to take her off the mortgage as i can qualify at my own now. bank told me that she has to call them that she has no interest in the house then they will take her off the mortgage. i am worried she might be out of mortgage and doesn't sign off from title. how can i take off her name from title ( as she is paying nothing). will the bank take her off the mortgage before she get off the title. how does this bank procedure work. what options do i have to take her off from title. what if i go to court? will the court listen to me? i heard in most cases court order to sell the house?

Have her sign a deed to you of her undivided one-half interest in the property. She should also sign a letter to the bank asking to be removed from the liability on the mortgage.

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Me and my wife bought a house on zero down payment four months ago. she walked away after 8 days of moving in house. we are seperated now. i am paying mortgage and all expenses from 1st day. i paid all the expenses in buying this house too.this house has no equity. in reality its 7,000 in dept becuse of cmhc insurance for mortgage to qualify for 0 down payment .bank agreed to take her off the mortgage as i can qualify at my own now. bank told me that she has to call them that she has no interest in the house then they will take her off the mortgage. i am worried she might be out of mortgage and doesn't sign off from title. how can i take off her name from title ( as she is paying nothing). will the bank take her off the mortgage before she get off the title. how does this bank procedure work. what options do i have to take her off from title. what if i go to court? will the court listen to me? i heard in most cases court order to sell the house?

If you can show that your making payments, and shes not around there is a real good chance you can do this. go to the law library in your town and check it out its open to the public

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Can someone please tell me how to solve this question? i know the answer is $49,049.20 but i don't know how to get that. thanks! the bandon family purchases a house for $225,000 in saskatoon. to avoid a mortgage loan insurance by cmhc (canada mortgage and housing corporation), they make a 30% down payment and amortize the remaining amount at 6.24% compounded monthly over a 30-yr period. after 200 payments, the family decides to pay off the mortgage with a lump sum payment. how much have they saved in interest charges?

Well I wasn't able to get the number you had but it's close. First find what your payment is going to be, I got $968.730470 by using n=360, i/y=6.24, p/y=12, pv=0.7(225,000), fv=0. Next find the present of your loan with 160 payments to go since this would be the outstanding principal on the loan after the first 200 payments and the same as your lump sum payment. I got $105,048.1639 by using n=200, i/y=6.24, p/y=12, pmt =968.730470 which was calculated above, and fv=0 Next find the amount you would have paid if you paid the 160 payments at $968.730470 which turns out to be $154996.8752 Now subtract the lump sum amount from the amount you would have paid making the 160 payments and get 154996.8752-105048.1639= 49,948.7113 Now I know the numbers don't match but this is how I would have answered the question. Hope this helps!

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I bought a home 3 years ago using the 0 down program that doesn't exist anymore...anyway, i've come to the end of my originally arranged 3 year term on a 25 yr amortization with a company called xceed here in ontario. three years ago xceed did their own mortgage insurance but now are no longer allowed so i need to refinance using genworth or cmhc or aig but none of them will approve me. so what's happened is my mortgage is currently on hold while the mortgage broker is frantically attempting to find me a mortgage somehow without killing me with a unrealistic interest rate...but it doesn't seem to be happening. my credit is good and i have never ever missed a mortgage payment...i'm just in limbo right now. has anyone else had this problem? what did you do? does anyone know of any other avenues i can take? this crunch is killing me and i do not want to lose my home! p.s i have 83% ltv right now.

Lisa: Try posting your question in the Mortgages forum below. Good Luck! Bob

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Our mortgage company, which is self insured, went bankrupt a month after we got our mortgage. all of our paperwork shows we are cmhc insured - but our mc did not actually complete the paperwork and our home has dropped over 100k since we built/purchased 2 years ago. quite obviously, cmhc will not insure us as we owe more on the home than it is worth. i lost my job and we are now on one income. we can get a mortgage through any company that deals with genworth, however only for what the home is worth now. our tds will not allow a second mortgage. our mc is refusing all of our ideas - we have been working with them for months now to get this figured out. they have made 60k off of us free and clear, and they refuse to write off the remaining balance and accept a lower mortgage buyout. it is their fault we are in this situation by misleading us (and our lawyer never caught the lie about being cmhc insured when he went over the paperwork originally so it was very well done - sneaky) and not budging at all. we are facing foreclosure and/or bankruptcy. we have a couple of expert mortgage brokers dealing with them on our behalf, but have been advised to seek a lawyers advise. if they foreclose on us, are we able to purchase another home right away? what happens? we need to have a home to live in and actually found a place that is well within the mortgage we can afford and get (our one income does support the almost 8% payments we are making now) but would we be able to buy it? we have enough to make our payments currently, but with our expenses we have little left over to pay for a lawyer or court fees to fight the mc for an honorable discharge or whatever the case would be. are there any lawyers (or someone who has been in this situation) here that can give me some advise? thanks, but i don't need links sending me to junk sites about work from home to make cash. i don't know how that even answers my question anyways? good, that fool deleted his stupid post. thank you bsherman - we've tried the refinancing but our mortgage company has gone bankrupt, we can get mortgages from numerous other companies but our mc won't accept them as our home (and therefore the new mortgages without cmhc) is worth much less than it was. we may look into a short sale. thank you again.

The circumstances leading up to foreclosure are irrelevant from the perspective of the credit reporting agencies. Once foreclosure happens, then the defaulting homeowner's credit score takes a large negative hit. It can take years to rebuild a credit score after a foreclosure. This may not be fair, but it is how personal finance works. Therefore, you need to plan accordingly. Try your best to avoid foreclosure through a short sale or refinancing. If you do enter foreclosure, then do not plan on being able to secure another mortgage anytime soon. Hope everything works out for you.