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Are there restrictions for the mortgage binder procedure?

April 26, 2017binder mortgage procedure

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Are there restrictions for the mortgage binder procedure?

1 Answer

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10 Posted

• Yes. It must be an originating mortgage – a transfer of ownership from a seller to a buyer (the applicant). The mortgage must be in an amount of at least 50% of the value of the structure and for a term of at least 10 years.