Home owners in flood-stricken areas could be in for surprise when renewing their mortgage
Posted Jul 20, 2013 7:38 am.
This article is more than 5 years old.
If you live in a flood-stricken neighbourhood, a warning that you might have some difficulty renewing your mortgage.
Lynzey MacRae, a spokesperson for TD Bank tells the Calgary Herald that all house purchases, as well as mortgage renewals, are being reviewed on an individual basis in Southern Alberta in the wake of the recent floods.
According to mortgage broker Mike Boyle, some home owners could be blind-sided when they go to renew their mortgages.
He believes some banks will refuse re-financing if there’s been damage to the home or because the flooding has reduced market values in the neighbourhood.
The movement is already underway according to Calgary appraiser Randy Stegemann.
He says he’s been asked by banks to check for damage to more than 50 homes since the floods.
