22 | fall 2018 cmba-achc.ca CMB MAGAZINE
legalease
Problem
Sometimes a client's financial circumstances are insufficient to qualify for a
mortgage needed to complete a desired real estate purchase. For example, the level
of the client's provable income, equity in the property to be mortgaged and/or credit
rating may be insufficient for a lender to approve the loan.
l
Part of the expertise
a mortgage broker brings to the table is the ability to recognize shortcomings in a
client's application and explore possible solutions, before applications are submitted
to potential lenders. is can involve an additional person signing the mortgage
as a guarantor/covenantor.
l
e additional person most oen is a relative of the
client whose provable income, equity in other properties and/or credit rating helps
overcome the shortcomings in the client's application.
Resolving a mortgaging co-owner's
registered interest in a property proves tricky if their
intentions are not properly documented
By Ray Basi, L.L.B., staff, Education and PoLicy REviEw
When
Blood Becomes
Thinner than
Water
