Comment 79351

By RenaissanceWatcher (registered) | Posted July 09, 2012 at 22:44:41

The “essence of the essence” of my original post is that Hamilton taxpayers have not been informed as to whether Vrancor is actually contributing any of its own capital to its own Homewood Suites project.

Given that the home mortgage analogy in my original post seems to have drawn more of a response than the observation about the non-disclosure of the Vrancor Homewood Suites financing, I will close by offering some clarification on the 20% down payment rule. The only way that a buyer of any home (over or under $1 Million in value) is permitted to pay less than a 20% down payment and obtain a mortgage from a bank greater than 80% of the value of the home is where the home buyer purchases thousands of dollars worth of CHMC insurance. The following excerpt is from the Canada Mortgage and Housing Corporation website:

“The Canadian Bank Act prohibits most federally regulated financial institutions from providing mortgages without mortgage loan insurance for amounts that exceed more than 80% of the value of the home or purchases with less than 20% down payment.”

http://www.cmhc.ca/en/co/moloin/moloin_0...

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