How do lenders determine mortgage amounts?

On Behalf of Porter Ramsay LLP | Apr, 30, 2021 | Real Estate Law

When applying for a mortgage, the lender approves a certain amount based on what the underwriter thinks the applicant can afford. This is true whether one is applying for his or her first mortgage, getting an additional mortgage, or looking to add to the balance through refinancing. British Columbia borrowers can benefit from knowing what lenders are looking for when looking over their application. Some of the numbers lenders look at when approving a mortgage are: Debt to income ratio (DTI) Gross income (pre-tax earnings) Mortgage-to-income ratio (how much gross income is allocated to for housing costs on a monthly... View Article

Man to pay back benefits after working following accident

On Behalf of Porter Ramsay LLP | Apr, 14, 2021 | Personal Injury Law

Following a car accident, insurance claims can cover a range of things, including damage to the vehicle, medical costs and lost wages. For the latter benefits, claimants must remain honest about their working situation or risk having to pay back some of the money issued by the insurer. This matter recently went before in a civil tribunal, where a British Columbia man was ordered to pay back $9,595 to ICBC after being accused of providing misleading information about his work status to the insurer. What was the case? The incident began when the man responded to an email answering questions... View Article