I currently live in Nova Scotia and was looking to transfer with my work to Welland Ontario. I had called MCAP back in March to see about mortgage because that is who I am with now. The person on the phone went over the options with me as well as the penalties and asked what price range I was looking at I replied around 150 to 170000 she said this was good because with my current mortgage I could port it and not pay a penalty if I bought a house over 147000 and we should be ok because my wife and I make a combined income of 60k a year. We should call closer to our sale date because preapprovement is for 90 days and closing may take that long.
So we got a good offer on the house yesterday for an almost 90 day closing so we agreed to the price offered. MCAP is now saying that because my wife who is a CCA and whose job is in demand across the country does not have a job already in Welland that we can only get approved on my income so our limit is 100, 000. This has basically sc....d me. If I cant get out of this offer because of the financing I will loose my house and have nothing to go to in Welland. Is there any liability on MCAP's part for there where we did what the rep told us over the phone and waited. We disclosed to the person on the phone right away that we were happy to be accepting a transfer to Welland with my work.