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MYLENE LIM , AMP Licensed Mortgage Specialist
In today ’ s heated market , I have had clients go through the whole nine yards of getting pre-approved , make an offer on a property , only to get disappointed because another offer was accepted that came in without any subjects . And after a few rejected offers , they ask if they could go in with a subject free offer themselves . After all , they already got preapproved .
It is always prudent to make a purchase offer with subjects such as financing and satisfactory property inspection report , just to name a few . No exceptions . When you make a subject free
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offer to purchase a property and the seller accepts your offer , you have now entered into a firm and binding contract . There will be no way out for you if you change your mind . At the very least , you will forfeit your deposit and at worst , the seller could sue you for breach of contract .
What you need to realize is that a “ pre-approval ” you had is just a preliminary screening of your income and credit to lock a rate for a certain period of time – normally within 90 to 120 days . During pre-approval , most lenders wouldn ’ t have gone through the extra mile of verifying your income , your credit record , if you ’ re owing taxes , etc . The lender would not have had the chance to go through the viability of the property you plan to purchase or how healthy are the finances
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of the management company running the building .
This thorough review of documents happens when your mortgage application becomes “ live ” – meaning you have an accepted offer to purchase . At this point , the lender will now go through your application with a fine tooth comb – calling up your employer , double checking your credit and oftentimes pulling a search on you to make sure you don ’ t have liabilities not showing on your credit record .
This is also the period that the lender reviews the property you are buying . They review your property value compared to the current market prices through an appraisal , the cost of which could be passed on to you if your down payment is below 20 % of purchase price . They
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double-check if there have been negative reports on the property such as former growop and having oil tank , etc . For condos or apartments , they review the finances of the strata managing the building , the depreciation report to determine what are the expected updates and repairs during the term wherein they will be financing your mortgage , the current condition of the property and the building in general such as leaky windows or water leaks , etc .
Although oftentimes not a lenders ’ condition , you should always have the property inspected for flaws so you have a chance to walk away from the property if the inspection report shows a lot of defects or repair works needed than you are
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comfortable to undertake .
These are just a few aspects that lenders look at when they review the viability of lending against your property . Any one of the conditions I enumerated , as well as numerous more from a long list , may be a cause for lenders to shy away from giving you a mortgage . So , unless you ’ re prepared to cough up the full purchase price and take the property in the condition it is in , you should never go with a subject-free purchase offer .
For more information , please feel free to contact me :
Cel : 604 783 9097 / Email : mylene . mortgage @ gmail . com / Web : www . BestOptionMortgages . ca / FB : Mylene Lim , AMP
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Jayne ’ s World Why Essential Oils ?
“ I go to nature to be soothed and healed , and to have my senses in order ” - John Burroughs
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For thousands of years in various cultures , essential oils have been used for medicinal and health purposes . I have been using it for aromatherapy , making my own household cleaning products , skincare and medicinal remedies . Knowledge is now literally at our fingertips , so anyone can Google information about how damaging synthetic chemicals are to our health . Toxins , pollutants , pesticides and molds surround our environment everywhere we go . Although certain areas of our environment are more difficult for us to control , you and I can still control what we put into our bodies , what we use on our bodies , as well |
as what we use inside our homes to clean with . Did you know that a lot of the store-bought products we use daily in our homes and on our bodies are laden with carcinogens , and chemicals that can disrupt our hormone balance
and developmental and reproductive systems ? Fragrance , parabens , and other synthetic preservatives have been known to wreak
havoc in our bodies . A friend referred me to an App called “ THINK DIRTY ”. It rates thousands of household , skincare and cosmetic products according to how toxic they are for you ; zero being the safest and 10 being
most toxic . For example BABY MAGIC is rated a
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10 . This is a dirty product as its first 2 ingredients are ammonium-derived and “ fragrance ”. I would not put these poisons on to my baby ’ s skin . These chemicals disrupt hormones and mess with our bodies on a cellular level .
I believe we are created of the earth and the Universe . It only makes sense that we nourish our bodies with plants . It ’ s a beautiful reciprocation : we tend and steward our Mother Earth , and She in turn nurtures us . The particles in essential oils come from distilling or extracting the different parts of plants , including the flowers , leaves , bark , roots , resin and peels . In
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ancient times , Jews and Egyptians made essential oils by soaking the plants in oil and then filtering the oil through a linen bag . Essential oil benefits come from their antioxidant , antimicrobial and antiinflammatory properties . In the next series of articles , I will share information on the oils I have been using , and giving my own testimonials as well as collecting them from people I know . The brand of essential oil I choose is Young Living Essential Oils . It is the purest and highest grade oil I have ever come across . Please PM me on FB for more information : Jayne Anastacio |