Real Estate

BMO can mortgage about 6 times of our income, any Bank can do more?

  • Last Updated:
  • Sep 11th, 2019 10:03 pm
[OP]
Member
May 22, 2019
340 posts
79 upvotes

BMO can mortgage about 6 times of our income, any Bank can do more?

Family income about 119,000 to 123,000 in the past three years, BMO can mortgage is about 740k

No loan on automobile, credit card monthly balance not much, all paid in full

Credit score between 800-850

Any Bank can do more? I have no other mortgage
50 replies
Deal Fanatic
Nov 22, 2015
5653 posts
5037 upvotes
No... would you even want to borrow more with such little income??

$740K mortgage is close to $3500/month in mortgage payments alone...
Member
User avatar
Jan 7, 2019
303 posts
278 upvotes
Are you self employed? If so, RBC has the self employed program where they gross your income up by 3x then use that income for debt service calculations.

You need to prove your corporation is healthy though.
Remember to always Thumbs Up good responses! Spread positively.
Deal Addict
Jan 2, 2015
1525 posts
523 upvotes
Toronto, ON
BrokeMillennial wrote: Are you self employed? If so, RBC has the self employed program where they gross your income up by 3x then use that income for debt service calculations.
It's like we've learned nothing. :facepalm:

A few months ago, I saw a post on Kijiji like this one: https://www.kijiji.ca/v-financial-legal ... 1389909588

(It was another post, but the same sort of thing.)
if you have:
White Heavy Check Mark Bad Credit/No Credit
White Heavy Check MarkNo Income Proof
White Heavy Check MarkStop Foreclosure
White Heavy Check MarkNeeding to consolidate your debts and reduce monthly payments
White Heavy Check MarkLooking for a second mortgage
White Heavy Check MarkNeed super fast closing
White Heavy Check MarkBehind on mortgage payments
White Heavy Check MarkHave property taxes in arrears & CRA debt
White Heavy Check MarkPay off consumer proposal
White Heavy Check MarkHome renovations and upgrades
White Heavy Check MarkNeed funds for some other purposes
I think this is false advertising. Call if you have no income proof? (Vegeta RAGE!) How would they stop a foreclosure, are they going to buy the house and turn you into a tenant? If you are undergoing a consumer proposal, don't you need to ask your insolvency trustee about this?
[OP]
Member
May 22, 2019
340 posts
79 upvotes
This is private mortgage.

Bmo offer 2y 2.84% and 4y 2.64%, I need something of this kind of rate but total mortgage amount around 800k

If 740k, I would not be able to do any renovations after purchase.


For 30y amortization, the bi-weekly pay amount is $1400. Not $3500 a month.

I think it is a good time to buy as most Asian investors in the market are cracked down by the government, once those folks come back, we would not be able to get into the market again. Indian and East Asian investors may flood in again once Trump and China reach a deal on trade war.

FoFai2015 wrote: It's like we've learned nothing. :facepalm:

A few months ago, I saw a post on Kijiji like this one: https://www.kijiji.ca/v-financial-legal ... 1389909588

(It was another post, but the same sort of thing.)



I think this is false advertising. Call if you have no income proof? (Vegeta RAGE!) How would they stop a foreclosure, are they going to buy the house and turn you into a tenant? If you are undergoing a consumer proposal, don't you need to ask your insolvency trustee about this?
Deal Addict
Jan 2, 2015
1525 posts
523 upvotes
Toronto, ON
ilovetoyota wrote: This is private mortgage.
You quoted me (and noone else) but were talking about something else entirely.
Deal Addict
Nov 26, 2011
2016 posts
199 upvotes
Ottawa
BrokeMillennial wrote: Are you self employed? If so, RBC has the self employed program where they gross your income up by 3x then use that income for debt service calculations.

You need to prove your corporation is healthy though.
You sure about that? I have a cousin who is self employed where his net income is low...so do they take his net income and times it by 3? I also know some credit unions take your net and increase it by 15%.
Penalty Box
Feb 29, 2008
12021 posts
7147 upvotes
740k mortgage from $123k is pretty damn good from a big 5.
[OP]
Member
May 22, 2019
340 posts
79 upvotes
masoud100 wrote: You sure about that? I have a cousin who is self employed where his net income is low...so do they take his net income and times it by 3? I also know some credit unions take your net and increase it by 15%.

Yes, from the past Tuesday. They restarted the stated income program that has stopped for almost two years. But your business had to exist for at least two years.
Deal Addict
User avatar
Aug 11, 2006
1769 posts
254 upvotes
Thornhill
JayLove06 wrote: 740k mortgage from $123k is pretty damn good from a big 5.
Something seems a miss. I don’t think the 740K is just based on123k income.
Deal Addict
Jan 13, 2014
1628 posts
566 upvotes
Calgary
123k with no debt would net you max 600k if you have 20% down and 30 yr amortization. they are either grossing up your income (self employed) or taking on child tax benefit as income or the dude (lender) screwed up and will be fired once your deal goes through. You wouldnt get anything better than this.
Penalty Box
Feb 29, 2008
12021 posts
7147 upvotes
Maybe he works OT or gets bonus? From what I rrmember banks do not include that though.
Jr. Member
Dec 5, 2009
188 posts
87 upvotes
Agreed. Over 700k mortgage on 120k income is really good. My household has similar income, 30yr amort max we can borrow is in the 600k range (although we have a $500 car payment). Are they using potential rental suite income?

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