Mortgage broker query, please help

[Tiddasing]

I recently put an offer on a house after having a commitment letter from a bank that my mortgage broker provided. Now my mortgage broker is telling me that I should show my citizenship as Canadian on the identity verification form that I have to sign at the lawyers office. I told him I am a PR in the very beginning.

Now he is telling me that if you don't show ur citizenship as Canadian the mortgage will not go through. I will end up losing my deposit and also the seller might sue me.

Does anyone know what he is talking about, he is not giving me any straight answers?

Thanks
Tidda

 

[steaky]

Contact the lawyer. They are the one who do the paperwork and register the titles in land offices.

 

[Rob_TO]

I recently put an offer on a house after having a commitment letter from a bank that my mortgage broker provided. Now my mortgage broker is telling me that I should show my citizenship as Canadian on the identity verification form that I have to sign at the lawyers office. I told him I am a PR in the very beginning.

Now he is telling me that if you don't show ur citizenship as Canadian the mortgage will not go through. I will end up losing my deposit and also the seller might sue me.

Does anyone know what he is talking about, he is not giving me any straight answers?

Thanks
Tidda

There is no such thing as a "commitment" or "pre-approval" before you actually have a contract in place to buy a house. All these really are, are estimates by the lender on what you can probably afford. The real work isn't started until you have the offer accepted, and then the lender can do their due diligence and confirm your mortgage financing.

This is why you should always put a condition of securing financing on any offer to buy a home. Did you not do this?

I'm not sure if lenders care if you're a PR or citizen. However you don't need to stick with your current broker. Call other brokers, banks or lenders, and see who will offer you the best mortgage. You have no obligation to go with the broker you're using now.

Do NOT lie on any mortgage app since if the lender finds out, you could be in way more trouble. Personally I would steer clear and not deal with any broker telling you to do this.