Real Estate

Would I be approved for a mortgage?

  • Last Updated:
  • Aug 29th, 2015 9:16 pm
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[OP]
Newbie
Sep 29, 2013
20 posts
4 upvotes
Gatineau

Would I be approved for a mortgage?

Hello all!

I am contemplating buying a house, and I'm curious to see what I could expect in terms of an approval.

My credit isn't perfect, I have a 4 lates on an old TD credit card from a few years ago (2011). Since, I've had perfect payment history and currently my credit score with equifax is 665. I've attached my credit report below - any feedback would be helpful!





PRESIDENTS CHOICE MC
Phone Number: (866)246-7262 High Credit/Credit Limit: $3,500.00
Account Number: Payment Amount: $13.00
Association to Account: Individual Balance: $613.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2013-08 Date of Last Activity: 2015-07
Status: Paid as agreed and up to date Date Reported: 2015-08
Months Reviewed: 24
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Monthly payments
Amount in h/c column is credit limit

FCDQ FABD
Phone Number: (514)397-4789 High Credit/Credit Limit: $31,549.00
Account Number: Payment Amount: $236.00
Association to Account: Individual Balance: $27,510.00
Type of Account: Installment Past Due: $0.00
Date Opened: 2014-09 Date of Last Activity: 2015-07
Status: Paid as agreed and up to date Date Reported: 2015-07
Months Reviewed: 11
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Bi-weekly payments

SCOTIABANK VISA
Phone Number: (800)387-6508 High Credit/Credit Limit: $13,000.00
Account Number: Payment Amount: $18.00
Association to Account: Individual Balance: $3,598.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2013-11 Date of Last Activity: 2015-07
Status: Paid as agreed and up to date Date Reported: 2015-07
Months Reviewed: 21
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Monthly payments
Amount in h/c column is credit limit

ROGERS COMMUNICATION
Phone Number: (877)764-3772 High Credit/Credit Limit:
Account Number: Payment Amount: Not Available
Association to Account: Individual Balance: $246.00
Type of Account: Open Past Due: $0.00
Date Opened: 2010-08 Date of Last Activity: 2015-05
Status: Paid as agreed and up to date Date Reported: 2015-06
Months Reviewed: 59
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Monthly payments

SCOTIA BANK TR 56416
Phone Number: (888)777-6842 High Credit/Credit Limit: $31,173.00
Account Number: Payment Amount: $516.00
Association to Account: Balance: $0.00
Type of Account: Installment Past Due: Not Available
Date Opened: 2013-11 Date of Last Activity: 2014-09
Status: Paid as agreed and up to date Date Reported: 2014-10
Months Reviewed: 11
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Account paid
Monthly payments

CAPITAL ONE BANK
Phone Number: (800)728-3277 High Credit/Credit Limit: $300.00
Account Number: Payment Amount: Not Available
Association to Account: Individual Balance: $0.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2013-02 Date of Last Activity: 2013-12
Status: Paid as agreed and up to date Date Reported: 2014-04
Months Reviewed: 13
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Closed at consumer request
Account paid

TD CREDIT CARDS
Phone Number: (800)983-8472 High Credit/Credit Limit: $800.00
Account Number: Payment Amount: Not Available
Association to Account: Individual Balance: $0.00
Type of Account: Revolving Past Due: Not Available
Date Opened: 2006-05 Date of Last Activity: 2012-04
Status: Paid as agreed and up to date Date Reported: 2013-10
Months Reviewed: 45
Payment History: 04 payments 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History: One payment past due ( 2011-12 ) One payment past due ( 2011-08 ) One payment past due ( 2010-12 )
Comments: Closed by credit grantor
Monthly payments

ROGERS COMMUNICATION
Phone Number: (877)764-3772 High Credit/Credit Limit:
Account Number: Payment Amount: Not Available
Association to Account: Individual Balance: $0.00
Type of Account: Open Past Due: $0.00
Date Opened: 2007-03 Date of Last Activity: 2012-11
Status: Paid as agreed and up to date Date Reported: 2012-12
Months Reviewed: 36
Payment History: No payment 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History:
Comments: Closed at consumer request
Account paid

CAPITAL ONE BANK
Phone Number: (800)728-3277 High Credit/Credit Limit: $300.00
Account Number: Payment Amount: Not Available
Association to Account: Individual Balance: $0.00
Type of Account: Revolving Past Due: $0.00
Date Opened: 2008-04 Date of Last Activity: 2012-03
Status: Paid as agreed and up to date Date Reported: 2012-06
Months Reviewed: 31
Payment History: 01 payments 30 days late
No payment 60 days late
No payment 90 days late
Prior Paying History: One payment past due ( 2011-10 )
Comments: Account paid
Monthly payments
8 replies
Deal Expert
Aug 22, 2011
35074 posts
21039 upvotes
Center of Universe
How much are you trying to get and what is your income?
Credit is only one part of the application criteria.
Deal Fanatic
User avatar
Sep 13, 2011
5527 posts
2433 upvotes
Toronto
Yes, based on credit alone you seem to have sufficient re-established credit and your past delinquencies seem to be isolated to a single account. You'll likely qualify with as little as 5% down. It would all be based on the bureau that the mortgage professional pulls when you apply with them. The score that we get (a Beacon score) and the score the consumer gets when they pull their own (A FICO score) are two different systems. You could have a FICO score of 665 in this case, and your beacon score (the only one that matters) could be 600. I don't that is the case here however, given what I see here. It's likely somewhere in qualifying range, but of course would need to see it to confirm.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
[OP]
Newbie
Sep 29, 2013
20 posts
4 upvotes
Gatineau
If I were applying for a mortgage with my girlfriend, who's got perfect credit (no lates, defaults, etc), would that help me out any?
Deal Addict
User avatar
Oct 8, 2014
1015 posts
227 upvotes
Unionville, ON
Of course however things can get messy if you break up.
Pentium 1 166 Mhz | 32 Mb Edo Ram | Seagate 1.4 Gb Ide Hard disk | 3dFX Voodoo1 Pci Video Card | 250W PSU | SoundBlaster Pro sound card | 14" SVGA Monitor
Jr. Member
Jan 19, 2004
199 posts
41 upvotes
easypeasy wrote: If I were applying for a mortgage with my girlfriend, who's got perfect credit (no lates, defaults, etc), would that help me out any?
If she has "more debt than she can service" then you won't be in a better position. And by debt that you can service, I mean overall outstanding AVAILABLE debt. Like unused credit cards or lines of credit.

You need to look at your income first and foremost. Your credit score isn't the primary indicator in this case (and in many cases as you can go private if your credit score sucks)
Deal Guru
Feb 29, 2008
13405 posts
9314 upvotes
You're missing out a major part of the equation and that is income. Credit could be excellent....if you don't have enough income, you won't be approved.

Just a quick glance you seem to have a fair amount of debt...I could be wrong since I quickly glazed over the numbers.
[OP]
Newbie
Sep 29, 2013
20 posts
4 upvotes
Gatineau
here is more information - she currently has 20k in student debt, and a 30k in car loan. her salary is 65k a year
my debt is 27k (car), and no other debt - i make about 75-80k per year
Deal Addict
Oct 29, 2010
4314 posts
664 upvotes
easypeasy wrote: here is more information - she currently has 20k in student debt, and a 30k in car loan. her salary is 65k a year
my debt is 27k (car), and no other debt - i make about 75-80k per year
They are going to look at all your monthly payments and then come up with a ratio. Rule of thumb is don't get more than 30% of your gross income towards housing but lenders will probably be willing to give you up to 45-50% of your income.

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