The subject property is the property being mortgaged/purchased, and the information is entered in the Subject Property Information section on the Application Edit screen. This section can be directly accessed by clicking Application Information > Subject Property in the Left Navigation Pane.
Fields that require explanation are explained below.
Refinance Note! If
the Application Purpose is a Refinance
type, this section mirrors the Properties
Owned by Applicant section of the Applicant Details screen. Changing
a field in one section also changes its equivalent field in the other
section. Also note that the Include in
TDS calculation checkbox in the Properties Owned by Applicant section
must be checked so that annual taxes, any condo fees, and heat of the
subject property are included in the TDS.
Tip! Use the Tab key to move from field to field; use the Shift-Tab key combination to move backwards.
Use the Address Lookup field to search, find and pre-fill the address of the property. You can also edit the pre-filled address if required. You can use the map icon next to the field to view the address (pre-filled or manually entered) on the map.
Note that if Rental or Owner-Occupied Rental is selected in the Occupancy dropdown, the Rental Income or a portion of the Rental Income can be added to the applicant's gross income and included in the TDS calculations. From the Rental Inc. Options (Rental Income Options) dropdown, select one of the following options:
Add Percentage
to Gross Income - adds a percentage of the rental income to the
applicant's gross income. Enter the percentage in the Inclusion/Offset
field.
Reduce Rental expense, add balance to gross income - deducts total
expenses (including mortgage payment, taxes, condo fees and heating costs)
from the rental income, and from the remaining rental income, a percentage
is added to the applicant's gross income. Enter the percentage in the
Inclusion/Offset field.
The Construction Type dropdown provides the following options:
Existing
- used to indicate that subject property is three years of age or older
New - indicates that the building
is between zero and three years of age
The Tenure dropdown provides the following options:
Freehold - permanent and absolute tenure of land or property with freedom to dispose of it at will
Leasehold - right to lease the property for a set period of time, usually in return for a rent
Condo - individual ownership of apartment or house, but common areas are controlled by homeowner’s association. Fees are charged to the condo owners for maintenance of common areas
When you enter the Purchase Price, the value is also populated into the Property Value field of the Mortgage Information section. You also have the option of entering the Estimated Value and Appraised Value. If you would like one of those values to be populated into the Property Value field of the Mortgage information section, select its Select option button.
Refinance Note! If the Application Purpose is a Refinance type, the Estimated Value field is automatically populated from the Property Value field in the Properties Owned by Applicant of the Applicant Details screen. Changing a field in one section also changes its equivalent field in the other section.