Personal Finance

Mortgage advice needed

  • Last Updated:
  • Aug 9th, 2013 2:16 pm
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Newbie
Feb 28, 2013
5 posts
Mississauga

Mortgage advice needed

My parents bought us a pre development (condo) about 3 years ago. The paid 25% down payment and we need to get mortgage for the rest. My dad name is on the contract as well as mine and my husband's. My husband has a good credit and great income ($90000) my income is not bad either ($57000) but had some problem with my credit before getting this job I got a copy of my credit report and paid all the outstanding amounts last month. The only debt we have now is my student loans for $20000. My dad also has OK credit but he doesn't work in Canada. I was wondering if we have a chance of getting a mortgage through A lenders? or do we need to look at private lenders?
11 replies
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User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
How much money do you need? $147k in income, and a 25% downpayment shouldn't present much difficulties even in this environment. Private lenders are very likely completely unnecessary.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Newbie
Feb 28, 2013
5 posts
Mississauga
the condo is $380000 and we paid around $90000
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User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
nasim8001 wrote: the condo is $380000 and we paid around $90000
Yeah go see a mortgage broker, and don't lose any sleep over it. You're bringing 30% equity to the table, and only need a $270k loan. I bet you have zero problems whatsoever in getting the best rates possible.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
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User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
nasim8001 wrote: Thanks. I was really worried
Don't be.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Deal Addict
Mar 8, 2009
1420 posts
109 upvotes
If what you're saying is true, a mortgage broker will easily get you a mortgage.
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User avatar
Jul 16, 2003
10397 posts
1468 upvotes
Toronto
You will likely qualify for a mortgage using your husband's income alone. PM sent about rates and options.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Newbie
Aug 5, 2013
7 posts
MAPLE
Most likely you will be qualified for the mortgage and with best rate and better options. [...]
Banned
Nov 27, 2006
2200 posts
445 upvotes
Toronto
general rule of thumb is 5x salary.
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User avatar
Jul 16, 2003
10397 posts
1468 upvotes
Toronto
No such a thing as X times your income, as it is very inaccurate. You need to make sure your debt ratios (gds and tds) are in line, and a high income with high liabilities means someone would qualify for a low mortgage amount.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Newbie
Aug 5, 2013
7 posts
MAPLE
Bank will calculate income to debt ratio,when you are getting approval for mortgage in Toronto. It is called Gross debt ratio (GDS) and Total debt ratio(TDS). If your beacon score is greater than 680 than it should be 39% for GDS and 44% for TDS or if your beacon score is less than 680 than it should be 35% for GDS and 42% TDS. The minimum 650 beacon score requires by most of the lenders. Some lenders also accept 620 minimum beacon score. This will be good for a mortgage approval in Toronto with major banks. If you need more info, contact me or visit my site:

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