| 30psi_on4banger |
Anyone know anything about mortgage requirments, Im looking at something in the 200-250k range, I will have about 20 G's down.
The thing Is Ive only worked with my company last season for 3 months now and im going on for another 6 months (seasonal construction) Then im going to do the oil rigs for the winter next winter.
If I waited till after this construction season what are the chances of obtaining such a mortgage with only being 20 years old and working with the company seasonal....? I also only have very little credit, just got a card, NO DEBT at all?
Any suggestions, maybe I'll have to wait until next summer for a larger downpayment
Thanks Guys |
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| stealth |
Best bet is to schedule a meeting with a mortgage specialist at the bank, and see what they recommend and tell you.
That way you will get a definite answer. |
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| TrevorK |
I think your best bet is to talk to a mortgage broker, they will be more familiar with finding lenders that cater to people in your situation (Switching jobs throughout the year due to seasonal work). Typical banks may not be as flexible to your needs because of your work history.
As well, to qualify for a 225K mortgage you'll need to make $50K-55K typically as well, but being a labourer I'm sure you make much more than that. |
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| ChromeDragon |
| Co-signer might be your only option without steady work income. |
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| 30psi_on4banger |
Alright Thanks guys
I just didn't want to look like a loser in a bank or something, Yea I make 40 grand Gross in my summer job, then oil rigs in the winter.. |
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| BigTrucker |
I would deal with a mortgage broker over the bank anyday. When I went to get my first mortgage I went to the Royal Bank and the guy pulled up some high interest number and didn't give me any options.
After that I called up a mortgage broker, faxed over all my T4's and other info she wanted and in under a day she had a couple of options and interest rates with several different lenders. Take it mind that this was 2 years ago and I was 19.
Brokers have access to every lender and really streamline the approval process.
Plus a co-signor is almost a must with any first time buyers, it just makes things a lot easier. |
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| Realistic |
come work in fort mcmurray.
they'll give ya a morgage asap.
this is a good thread cause i'm 21 and thinkin the same thing. |
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| eeebowlahhh |
im 23 and just got a house outside the city for 256k and had to put down 64k... they like 25% but im not sure if it's a must.
and dont go work in ft mac, it's a shithole full of drugs and retards. |
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| Realistic |
fuckin.... thanks you jackass
and its not as bad as everyone says |
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| eeebowlahhh |
no it is, i grew up there and it's just as bad as every one says.
but good luck with the mortgage |
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| BigTrucker |
quote:
Originally posted by eeebowlahhh
im 23 and just got a house outside the city for 256k and had to put down 64k... they like 25% but im not sure if it's a must.
If you put down anything less than 25% you get charged a bunch of fees from CMHC on your mortgage (Canadian mortgage council thing) to insure it. Plus the more you put down the easier it is to get approved because they see you as being less of a risk to stop making payments if you already have a ton of money invested into your property. |
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| EK9Hatch |
Yes, that is true to a certain extent. With the costs of homes nowadays, not many people can put down 25%. Lots of homes now cost $400,000 or more. Do you think the bank realistically think that you will have $100,000 cash sitting in the bank? NO...
Also, with the market as hot as it is, banks/lenders are a lot more flexable about giving people mortgages. It's actually easier to get a mortgage than a car loan.
Think about it...if the bank lends you 50k for a car...as soon as you roll off the lot, the car looses value. If you don't pay your car payments, the bank looses money.
The same is not true for homes in Edmonton. The bank will lend you money (a lot of times with 0%-5% down) because they know homes are going up in value all the time. (my friend bought a house two months ago and it already went up in value by $25,000) So even if you don't make one payment on your house....the bank comes out ahead.
But like others said, go talk to the banks/lenders to get an answer.
Jamie |
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| Playa |
quote:
Originally posted by 30psi_on4banger
Anyone know anything about mortgage requirments, Im looking at something in the 200-250k range, I will have about 20 G's down.
The thing Is Ive only worked with my company last season for 3 months now and im going on for another 6 months (seasonal construction) Then im going to do the oil rigs for the winter next winter.
If I waited till after this construction season what are the chances of obtaining such a mortgage with only being 20 years old and working with the company seasonal....? I also only have very little credit, just got a card, NO DEBT at all?
Any suggestions, maybe I'll have to wait until next summer for a larger downpayment
Thanks Guys
Talk to a broker and the bank. It is hard to find a good banker. Brokers are concerned with slamming the deal right now as that is what they are paid to do.
Bankers are usually paid on salary. Good ones that know their stuff are hard to find. However they will take the time to explain everything to you in detail.
Sometimes the banks can match the rate on a mortgage or do better than a broker. You need to play them against eachother to get the best deal. |
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| RoB |
| My mortgage is 240,000 @ 5.45%, payments are 745/biweekly. over 25 years. Call Morgex they will look for you. |
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