12 days into a 14 day financing condition I received a text from a Realtor... Can you take a call right now?

That call was about a young client who had been pre-approved by her bank 3 months earlier yet when it came time to get the file completed they could not help her. 2 things were very alarming: 1) they had "pre-approved" her for nearly $100 000 more than she purchased the home for, 2) they had been avoiding her inquiries into why she was not hearing from them. 

I suppose there was one other thing that was a bit alarming, and that was the interest rate they had pre-approved her for and the fact that they didn't use the correct calculations on her CMHC insurance premiums. At the time this wasn't really an issue as there really wasn't an approval in place in the first place. 

Fast forward 3 days (yes we needed a short extension as there was no way to get the file completed in just the 2 days remaining on the original condition period) and the file was completed. The file required a lot of supporting documentation from the client in order for me to build a strong case for an approval. Working with a lender that was focused on finding solutions rather than working inside a small box of policies was going to be important. One of the very important things to understand in this industry is that mortgages are not created equally and that my relationships with lenders and underwriters play a significant role in getting files funded.

As we get ready to enjoy Easter with friends and family I am humbled by the fact we were able to see this one through. We were able to get this young lady and her daughter into her home (she takes possession next week). We were able to satisfy the needs of a seller whom we don't even know, Realtors on both sides have a saved/completed deal, Solicitors on both sides have a file to work on. There are a lot of people involved in a transaction and when we can pull that together it is a wonderful feeling.

If you are in a similar situation I would be honoured to help you and your family. I am days away from completing my 3000th mortgage and each one brings the sum of savings well north of 2 million dollars. 

P.S. We calculated her CMHC premium correctly, and I was able to secure a rate that was .55% lower than her original pre-approval. This is going to save her thousands of dollars over the life of he mortgage. What a great way to head into home ownership.