Real Estate

Recommendations for mortgage broker for no income

  • Last Updated:
  • Aug 14th, 2021 7:47 pm
[OP]
Newbie
Nov 30, 2018
4 posts

Recommendations for mortgage broker for no income

I'm planning on moving while in grad school and have no income, but can afford to pay about 80% of a house's value. Can anyone recommend a broker that can help with this situation.

I understand banks need that pay stub, but I can't provide at the moment and with 80% down there is very little risk on their side. After I finish grad school I plan to start paying the mortgage and will use savings for payments in the mean time.
8 replies
Deal Fanatic
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Jan 16, 2011
7177 posts
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The NORTH
Ryan1mk wrote: I'm planning on moving while in grad school and have no income, but can afford to pay about 80% of a house's value. Can anyone recommend a broker that can help with this situation.

I understand banks need that pay stub, but I can't provide at the moment and with 80% down there is very little risk on their side. After I finish grad school I plan to start paying the mortgage and will use savings for payments in the mean time.
Do you have any income? Investments, GIC's, Dividends?
Deal Addict
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Nov 30, 2005
1849 posts
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Ottawa, ON
How much of a mortgage are you looking for?
Deal Guru
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Mar 23, 2008
13006 posts
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Edmonton
I'd start by posting (or browsing) through the Mortgage Rate thread stickied in here, and find a broker. Give them a call, give them your details.

C
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Jan 16, 2011
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The NORTH
Just a recommendation, maybe only put 60% down and keep 20% to pay the monthly mortgage bill until you get a job?

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