Entries by Chris

Why all the fuss about CRA debt?

Whether intentional or unintentional, many of the business-for-self applications that we see list CRA debts in the Liabilities column.  Let’s face it, sometimes people who are amazing at running businesses are lousy at taking care of administration like tax remittances. But not all CRA debts are treated the same by lenders. GST and Employee Source […]

Why does the Lender insist on their own lawyer?

As the lawyer woke up after surgery, he said” “Why are all the blinds drawn?” The doctor answered: “There’s a big fire across the street, and we didn’t want you to think the operation was a failure.” All lawyer jokes aside, paying both their own legal fees and those of the lender is no laughing […]

Why do lenders need Title Insurance?

The last thing borrowers want at closing is an additional cost, yet the lenders are almost all requiring title insurance now.  Why can’t we just rely on the lawyers’ opinion like we used to? The primary reason is that title insurance covers the lender for things that a lawyer’s opinion does not. Perhaps the most […]

6 tips to help avoid an appraisal disaster

As lenders, we look at a LOT of appraisals, and we see a lot of the same common mistakes that can be deal-killers.  Here are 5 ways to help ensure that your borrowers’ appraisal supports their application and doesn’t actually become a liability. Tell your borrowers to take their mother’s advice before the appraiser shows […]

3 Hidden traps in Mortgage Commitments

The email arrives with the lender’s mortgage commitment and everything looks to be in order.  That is, until you read the conditions.  Here are 3 potential deal killers you need to know: “Subject to Credit Committee Approval”: This isn’t really a Commitment at all but rather just an expression of interest.  Don’t let your borrower […]

4 tips for Mortgaging properties in a Company Name

It’s not just commercial properties that owned by Companies.  We often see residential properties held in corporate names too.  This doesn’t have to be a deal breaker if you know what to look for.  Here are 3 tips when examining an application from a corporate borrower: The first question to ask is whether the company […]

Mortgages for borrowers who are separated

Does this scenario sound familiar?  You have what you think to be the perfect deal.  The borrower has stellar credit, long-term solid employment, a desirable house that they wish to purchase and a significant down payment.  Should be a slam dunk. But here’s the catch.  They’re recently separated and they haven’t yet formalized a separation […]

4 things you need to know about Mortgages after Bankruptcy

Sometimes bad things happen to good people.  Bankruptcy would be one of those things.  Borrower’s options with traditional lenders are severely limited given the significant damage done to their credit scores.  But there is good news for these borrowers.  Prior bankruptcies are not deal-breakers for alternative lenders like Kokanee Mortgage.  Here are 4 key points […]

For Alternative Lenders, T.D.S. stands for Thoroughly Descriptive Story

In the world of Alternative Lenders like Kokanee Mortgage, generic formulae like TDS and GDS have little meaning. After all, these borrowers are usually with Alternative Lenders precisely because they don’t fit the existing ratios. In place of the classical definition of the acronym, we think of TDS as meaning a Thoroughly Descriptive Story. What […]