Yeah, lenders can be all over the map with how they handle things. Had a similar experience myself—one lender practically spoon-fed me every detail, while another acted like I was interrupting their lunch break every time I called. Go figure.
Honestly though, these tighter mortgage rules aren't exactly a shocker. They've been hinting at this for months now, especially with the market being so volatile lately. I remember back in 2018 when they tightened up stress tests here in Canada—it felt like the sky was falling at first, but eventually everyone adjusted. It just meant we had to get a bit more creative and careful with our numbers.
The key is definitely doing your own homework, like you said. I've learned the hard way not to rely solely on lenders or brokers to keep me informed. They're helpful (usually), but at the end of the day, it's your money and your investment on the line. Plus, knowing the ins and outs yourself gives you way more confidence when negotiating terms or pushing back on something that doesn't feel right.
Funny story—last year I had a lender who insisted I needed some obscure document I'd never even heard of. Spent two days chasing it down only to find out later from another lender that it wasn't even necessary for my situation. Lesson learned: always double-check before jumping through hoops.
Anyway, tighter rules might slow things down temporarily, but honestly, they're probably good for the market long-term. Keeps things stable and weeds out some of the riskier lending practices we've seen in the past. Just gotta roll with it and stay informed...
Yeah, totally agree with you on doing your own homework. I've had lenders give me completely contradictory info within the same week—talk about frustrating. One thing I'd add is to keep an eye on how these tighter rules impact appraisal values. Last time regulations tightened, I noticed appraisers got way more conservative, and suddenly deals that looked solid on paper started falling apart because the numbers didn't line up.
Also, don't underestimate how much longer everything takes now. If you're used to closing in 30 days, better budget for 45 or even 60 just to be safe. Had a project last year where the lender kept coming back with new conditions every week—it was like playing whack-a-mole. Eventually got it done, but man, did it test my patience...
Overall though, you're right—these changes usually stabilize things long-term. Just gotta factor in extra time and maybe a few more headaches along the way.
"Had a project last year where the lender kept coming back with new conditions every week—it was like playing whack-a-mole."
This hits home. Had something similar happen recently, and it felt like every time I thought we were good, they'd toss another curveball. Definitely agree on budgeting extra time—it's not just lenders either; seems like everyone involved is being extra cautious now.
One thing I'm curious about is how these tighter rules might affect credit score requirements. Last time regulations shifted, I noticed lenders quietly bumped up their minimum scores, even if they didn't officially announce it. Makes me wonder if we'll see that again this round... Anyone noticing lenders getting pickier about credit lately?
I've actually noticed lenders being a bit more flexible with credit scores lately, weirdly enough. Seems like they're tightening up more on debt-to-income ratios and cash reserves instead. Had a client recently whose score wasn't stellar, but they had solid liquidity and low debt, and the lender barely blinked. Maybe it depends on the region or the lender's internal policies...but credit scores alone might not be the main sticking point this time around.
Interesting observation—I've seen something similar lately. Had a buyer recently whose credit was borderline, but their savings and employment history were rock solid, and the lender didn't even hesitate. Seems like lenders might be shifting their focus toward overall financial stability rather than just credit scores alone. Wonder if this is a temporary shift due to market conditions or a longer-term trend...anyone noticing if appraisal requirements are getting stricter too?
