I'm a banking and real estate professional with over 20 years of experience in new home construction, banking, back-office processing and mortgage/lending. I now spend my time educating the public in these areas of real estate and banking.
A bank can verify a check and know it’s good by calling the payer bank and providing them with the name of the payer, home transit number and account number. The payer bank will check the account to see if there is sufficient funds in… Read More »How Do Banks Verify Checks to Know its Good
In Q4 of 2020, the FintTech neobank, Chime, has opened it’s first office outside the U.S and began work in Canada. Chime says they hope to have 100 employees working in the Vancouver, Canada office by the end of 2021. Chime is the U.S equivalent… Read More »Does Chime Work in Canada?
Yes, a home builder can cancel a contract if site plans and permits to do not get approved, or if the builder believes there is no reasonable timeline for the home to get built. We purchased our home from a home builder in August 2019… Read More »Can a Home Builder Cancel a Contract?
A realtor gets paid for apartment rentals based on either a percentage of the annual rent or one month’s rent. A realtor or real estate professional can draft a contract as per the agreement discussed with the property owner. The commission method used by the… Read More »How Do Realtors Get Paid for Apartment Rentals
So, can you buy a house with Uber income? Yes, you can buy a house with Uber income and you can get a mortgage with 100% of your income from Uber. As a Uber driver, you are considered a self-employed person and lenders will require… Read More »Using Uber Income to Buy a House – Uber Income Mortgage
In Canada, mortgage applications can get denied for a few common reasons. Whether you’re applying for an insured mortgage or traditional mortgage, you can change a few things to improve the likelihood of getting approved. If you fall into certain situations, your mortgage application may… Read More »Reasons Why Mortgage Applications Get Denied
No, you cannot back out of a new construction home contract, because it is a legally binding contract between the builder and the buyer. However, there are some options for the buyer to take on a loss and move on without the new build. It’s… Read More »Can You Back Out of a New Construction Home Contract?
No, a home builder cannot require you to use a preferred lender. The home builder can offer it’s customers with closing cost incentives and lower interest rates when a preferred lender is used. However, you are not required to use the preferred lender. There are… Read More »Can a Home Builder Require a Certain Lender
You can find out where an electronic deposit came from by requesting your bank to initiate a trace request using the originator identification number and ACH item trace number. The originator identification number is used to identify the merchant sending or receiving the payment. The… Read More »How to Find Out Where an Electronic Deposit Came From?
You start paying for a new construction home after the closing of the deal and starting your mortgage. A pre-construction home mortgage only starts after the closing, when you get delivery of the home. When you purchase a new construction home, you will be required… Read More »When Do You Start Paying for a New Construction Home
Bank tellers can see your bank balance and transactions on your savings, chequing, investment, credit card, mortgage and loan accounts. Bank tellers can also see your personal information such as address, email, phone number and social insurance number. Although it’s not needed to review this… Read More »Can Bank Tellers See My Balance and Account Information?