Sunshine Homes, Alberta’s Top Custom Home Builder, Responds to Mortgage Insurers’ Concerns
Sunshine Homes responds to heightened concerns of mortgage insurers in light of recent struggles in some Alberta industries.
Alberta, Canada – April 29, 2015 /MarketersMedia/ —
Sunshine Homes (www.SSHomes.ca), a company that has been delivering custom manufactured homes in Alberta for the last eight years, is responding to the increased concern of mortgage insurers in light of the recent struggles in some Alberta industries.
“Taking into account the low prices in the energy sector, it’s not a completely surprising move. Considering the massive number of layoffs and what that means for homeowners, mortgage insurers are looking to prevent impending defaults; all the insurers are doing, essentially, is reevaluating their risk when it comes to underwriting mortgages,” says Bill Watt, owner of Sunshine Homes. “And with the current economic environment here in Alberta, it’s probably in everyone’s best interests that more precautions are taken to protect all parties invested in the home buying process.” (Source: “Mortgage insurer exercising heightened vigilance in Alberta real estate market,” The Calgary Herald, March 25, 2015; http://calgaryherald.com/business/real-estate/mortgage-insurer-exercising-heightened-vigilance-in-alberta-real-estate-market.)
According to Watt, insurers are taking a harder look at whether clients are working in an affected industry, how many incomes are coming into the household, their debt to service ratios, and other factors that may impact a homeowner’s ability to buy and sustain a mortgage.
“The issue is also the number of potential defaults,” he adds. “Though those numbers have been at an all-time low, with some companies throughout Alberta laying off employees by the hundreds, insurers have to brace for the reality that a percentage of those employees will no longer be able to afford their homes.”
Watt explains that programs have been put in place by insurers to prevent complete foreclosure for homeowners experiencing financial difficulties, but the fact is that a sudden loss of their job and income can be detrimental to middle-class earners, particularly if there isn’t a second income coming from within the household.
“We at Sunshine Homes are witnessing many of the struggles Alberta home buyers are going through, which is why we feel the custom modular homes we offer are a strong alternative,” Watt concludes. “We’re able to build completely custom modular homes in Alberta for comparably less than homes of similar sizes. In addition, all of our prefab homes must adhere to even more rigorous standards than traditionally built homes, so residents can depend on the structure to be safe.”
More information on the benefits of custom modular homes can be seen by visiting the Sunshine Homes web site at www.sshomes.ca.
For more information about us, please visit http://sshomes.ca
Contact Info:
Name: Bill Watt
Organization: Sunshine Homes
Address: 40412 RR Ext 27-1, Lacombe , AB
Phone: 18778872254
Release ID: 80337
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