Insurers For A Mortgage
I have a property that's going south in terms of the conditional offer process because no insurer will apparently touch it (CMHC, Genworth, Canada Guaranty...etc.).
Just wondering is there ANY way to find out if the condo building in question can/won't be accepted by insurers before the whole hassle of making up a conditional offer and having it accepted only to have it seemingly fall thru because insurers don't like the property for various reasons.
From what I understood lenders can find out within an hour turnaround time whether or not CMHC, Genworth or whoever will insure on a property.
Anyway, any advice would be greatly appreciated, thanks.
Properties are assessed by the insurers regularly. This can be based on documentation reviewed when sent to them from lenders, or they can also do an onsite evaluation for more details.
I find it odd that all 3 are not insuring a certain property. Were you given any kind of indication why the insurers are staying away from the property?
Insurers also have a "watch list" for certain properties.
If this is the case, and you have your heart set on one, you may have to look at putting more of a down payment to avoid the insurer route (20%), or look at alternative options with private lenders at 15% down.
Your lender, broker, or even realtor can go the extra step beforehand and call the insurer's representative to see if a property is on a restricted or "watch list"