Canadian Mortgage Trends has an article about getting your mortgage approved before prices fall.
When home prices do fall, it makes it tougher for certain people to qualify for a mortgage—especially for refinances. When prices start dropping, appraisals come in lower, insurer valuation systems become more conservative, and lenders tighten up in general.
Vince Gaetano, a broker with Monster Mortgage, tells the Financial Post that people are already trying to get approved “before there is a correction in the real estate market.”
Of course prices may fall in the rest of Canada, but we all know they won’t fall here in Vancouver right guys?