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"Assuming/taking over" a mortgage in Canada

"Assuming/taking over" a mortgage in Canada

Old Jul 23rd 2009, 6:26 pm
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Almost Canadian
Alberta is the only Province where it is possible to assume a mortgage without qualifying. In addition all mortgages in Alberta are assumable.
"without qualifying" that's it - thanks
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Old Jul 23rd 2009, 6:33 pm
  #17  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Almost Canadian
In addition all mortgages in Alberta are assumable.
All?

Someone was looking into buying my property and asked if the mortgage was assumable. RBC said their policy was not to offer assumable products. I doubt their policy would differ across provinces.
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Old Jul 23rd 2009, 6:35 pm
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by R I C H
All?

Someone was looking into buying my property and asked if the mortgage was assumable. RBC said their policy was not to offer assumable products. I doubt their policy would differ across provinces.
RBC mortagages are definitely assumable in Calgary
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Old Jul 23rd 2009, 6:37 pm
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Default Re: "Assuming/taking over" a mortgage in Canada

It must be remembered that when a mortgage is assumed without the purchaser being qualified then the selling mortgagor remains responsible for any defaults the lender cannot recover from purchasing mortgagor. The lender may waive the requirement at its will.
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Old Jul 23rd 2009, 6:52 pm
  #20  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Butch Cassidy
RBC mortagages are definitely assumable in Calgary
Correct - I had one!

The one we assumed was a BMO
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Old Jul 23rd 2009, 6:58 pm
  #21  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Steve_P
That maybe but it is not advisable to let someone assume your mortgage.

If they default the lender can still come after you.

I had a fellow and his real estate agent try to get me to renegotiate my mortgage on our last home so he could give me a smaller down payment and assume the balance.
Because he (and he did admit this to me) couldn't qualify for a mortgage. Needless to say I threw them both out.
Why anyone wants to allow a purchaser to assume their mortgage is beyond me.
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Old Jul 23rd 2009, 6:59 pm
  #22  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by R I C H
All?

Someone was looking into buying my property and asked if the mortgage was assumable. RBC said their policy was not to offer assumable products. I doubt their policy would differ across provinces.
They have to in Alberta - It's the law
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Old Jul 23rd 2009, 7:02 pm
  #23  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Auld Yin
I beg to differ. It is quite common in Ontario. The banks will always retain the right to qualify purchasers but do not always exercise.

OK, I should have clarified. By operation of law, Alberta....

Just because the lender doesn't require it it doesn't mean that they shouldn't. By operation of law, they should.
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Old Jul 23rd 2009, 7:34 pm
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Almost Canadian
They have to in Alberta - It's the law
So if it's the law does that mean that the vendor(s) are relieved of future responsibility?
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Old Jul 23rd 2009, 7:37 pm
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Auld Yin
So if it's the law does that mean that the vendor(s) are relieved of future responsibility?
No. The law simply states that all mortgages have to be capable of being assumed. It is the vendor's decision to allow such an assumption - it is not compulsory.
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Old Jul 23rd 2009, 8:45 pm
  #26  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by Butch Cassidy
RBC mortagages are definitely assumable in Calgary
Maybe they were just referring to commercial mortgages?
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Old Jul 23rd 2009, 9:36 pm
  #27  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by R I C H
Maybe they were just referring to commercial mortgages?
We had a mortgage with RBC on one of our houses (regular residential mortgage) and that was assumable.
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Old Jul 23rd 2009, 11:35 pm
  #28  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by dbd33
We bought our first house in Canada by assuming the payments on a mortgage held by the vendor. That worked for us as we had no credit rating but we did have 1/3 of the price in cash. In this case I would do nothing until after a winter in the house.
Agree, we want to see how it fairs in winters and cost to run etc( Another wood order is on the way )
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Old Jul 24th 2009, 12:48 pm
  #29  
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Default Re: "Assuming/taking over" a mortgage in Canada

Originally Posted by R I C H
Maybe they were just referring to commercial mortgages?
Perhaps. Equally, perhaps I should have stated that RBC mortgages on single family residential units are definitely assumable (in Calgary).
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