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Signs and Portents in Ontario Mortgage World 2 more Purchase failures Hi-Ratio Mortgage client loses his job 6 days before closing, nothing we can do short of cosigners And again the Buyer end of one of our Purchase clients cannot close due to last minute financing failure

More Weird Real Estate Trends When you buy a house you have to put down a deposit: $5K, $10K, $50K, $100K The amount of the deposit has to do with local traditions and the value of the property ($5K deposit doesn't make sense on a $4M house) The deposit is meaningful 2/

It is meant to determine the seriousness of the Buyer, if a person has $50K or $200K unencumbered they should be good Introducing "Rent a Deposit" the concept has been around forever but recently some companies want to turn it into a bigger business How does it work: 3/

Let's say a homeowner would wants to move up to a bigger, better house They have a ton of Home Equity (mainly created in the last 24 months) but next to no cash These companies can lend you $100K towards a deposit on a new huge home so you can win that bidding war 4/

Now, they are smart enough to control the money, make sure if the bid fails it comes right back and they have mechanisms to lien the existing house if needed All I am pointing out is that systems have been developed to EASILY game a system that judges deposits as important

Knife Drop: A Cookbook laylo.com/nickdigiovanni…

Knife Drop: A Cookbook laylo.com/nickdigiovanni…