Beyond.ca

Registration is free! Car Forums - Member Rides Car Forums - Find other members Car Forums - Calendar Car Forums - Frequently Asked Questions Forum Rules and Regulations Car Forums - Search Logout
Beyond.ca - Car Forums : Powered by vBulletin version 2.3.9 Beyond.ca - Car Forums > Lounge > Real Estate / Finance > Mortgage Question


Author
Thread
2Legit2Quit
Neutral

Location: Calgary
What I drive: AP1
Posts/Day: 0.12
Trader Rating: (3)
User Rating: 100%


Mortgage Question quote:

So the gf and I are looking into buying a house, potentially either in PEI or Van island.

I work from home exclusively, so I can work from anywhere that has internet and my boss has ok'd me moving to a different province.

GF works for an oil company, if we move she would most likely have to quit due to the nature of her role.

Met with a mortgage broker recently and she said that if we want a mortgage with both our names/finances involved then we'd have to give proof that we both have jobs where we are going to move to. For me that's no problem, but for the gf that's an issue.

So my question is that you can't get approved for a mortgage here in Alberta under 2 people, use it to buy elsewhere in Canada, without proof that both will be employed in said province?

Report this post | IP: Logged

Old Post 03-07-2017 03:49 AM
2Legit2Quit is offline Click Here to See the Profile for 2Legit2Quit Click here to Send 2Legit2Quit a Private Message Find more posts by 2Legit2Quit Edit/Delete Message Reply w/Quote
 
ercchry
Fifth Gear

Location: calgary.ab.ca
What I drive: E90M3 510 Wagon
Posts/Day: 1.51
Trader Rating: (6)
User Rating: 99%


quote:

When it comes to proof of income (ability to service debt) there isn't really much that's written in stone

For an Alberta broker to write a mortgage out of province it's a little tricky though since chances are they are not licensed in other provinces so they need someone local to sign off and not all lenders lend in every area... ones of those things that's a case by case scenario

__________________

Report this post | IP: Logged

Old Post 03-07-2017 04:05 AM
ercchry is online now Click Here to See the Profile for ercchry Click here to Send ercchry a Private Message Visit ercchry's homepage! Find more posts by ercchry Edit/Delete Message Reply w/Quote
bookem
Newbie (FKA: djdante)

Location: Calgary, AB
What I drive: '12 Acura TL SH-AWD Tech
Posts/Day: 0.02
Trader Rating: (4)
User Rating: 100%


quote:

Have your broker run two scenarios:
(1) with both of you employed/on title/on mortgage
(2) just you employed/on title/on mortgage
in alberta anybody on title is responsible for the mortgage and will factor into qualification, and a person that's (potentially) unemployed with expenses might reduce the amount you qualify for.

Report this post | IP: Logged

Old Post 03-07-2017 04:43 AM
bookem is offline Click Here to See the Profile for bookem Click here to Send bookem a Private Message Find more posts by bookem Edit/Delete Message Reply w/Quote
2Legit2Quit
Neutral

Location: Calgary
What I drive: AP1
Posts/Day: 0.12
Trader Rating: (3)
User Rating: 100%


quote:

We had the broker do that, she said if we stay in Alberta then it's no problem for us to be pre-approved.

However if we want to move away from Alberta then it can only be through me since I would be the only one to be employed where we move.

But obviously we wouldn't be wanting/looking to move elsewhere if we couldn't afford to do so via my income.

Just wondering if we should talk to another broker at this point, and additionally if anyone else on here has gone through this in regards to living here and looking to buy elsewhere in Canada.

Report this post | IP: Logged

Old Post 03-07-2017 04:55 AM
2Legit2Quit is offline Click Here to See the Profile for 2Legit2Quit Click here to Send 2Legit2Quit a Private Message Find more posts by 2Legit2Quit Edit/Delete Message Reply w/Quote
jwslam
Second Gear

Location: Stampede Central
What I drive: is easy to spot
Posts/Day: 0.44
Trader Rating: (61)
User Rating: 96%


quote:

Sounds like your gf's Calgary job is 2Legit2Quit

*I have nothing constructive to add.

__________________

Report this post | IP: Logged

Old Post 03-07-2017 03:22 PM
jwslam is offline Click Here to See the Profile for jwslam Click here to Send jwslam a Private Message Find more posts by jwslam Edit/Delete Message Reply w/Quote
Xtrema
Sixth Gear

Location: Calgary, Alberta
What I drive: 2016 MB C450
Posts/Day: 1.54
Trader Rating: (4)
User Rating: 95%


quote:

Originally posted by 2Legit2Quit
We had the broker do that, she said if we stay in Alberta then it's no problem for us to be pre-approved.

However if we want to move away from Alberta then it can only be through me since I would be the only one to be employed where we move.

But obviously we wouldn't be wanting/looking to move elsewhere if we couldn't afford to do so via my income.

Just wondering if we should talk to another broker at this point, and additionally if anyone else on here has gone through this in regards to living here and looking to buy elsewhere in Canada.



Sounds straight forward to me. If you don't qualify on 1 income, you don't move or move and rent until she get a job again and buy a house.

Unless you are asking for a broker that is willing to fudge the numbers for you?

Or buy smaller so you can support it with a single income? Like if you qualify for $300K and have $50K down, work with a $350K budget? I can understand Van Island could be unattainable, but is PEI housing really THAT expensive?

Yeah, Challottetown ain't that bad...

http://www.royallepage.ca/en/proper...8/mls201703776/

Last edited by Xtrema on 03-07-2017 at 05:49 PM

Report this post | IP: Logged

Old Post 03-07-2017 05:26 PM
Xtrema is offline Click Here to See the Profile for Xtrema Click here to Send Xtrema a Private Message Find more posts by Xtrema Edit/Delete Message Reply w/Quote
TimLacroix
Forum Sponsor

Location: Calgary
What I drive: Sierra
Posts/Day: 0.01
Trader Rating: (0)
User Rating: 100%


Re: Mortgage Question quote:

Originally posted by 2Legit2Quit


Met with a mortgage broker recently and she said that if we want a mortgage with both our names/finances involved then we'd have to give proof that we both have jobs where we are going to move to. For me that's no problem, but for the gf that's an issue.

So my question is that you can't get approved for a mortgage here in Alberta under 2 people, use it to buy elsewhere in Canada, without proof that both will be employed in said province?



Lot of great comments above.

Yes you can get approved for a mortgage in Alberta and buy in Canada if the home is considered a 2nd home (not principal residence) but proof of employment and income is required.

In your case, you are moving and are going to make the new home a "principal residence" which will require proof of employment / income. In your case, your employer is going to be good as you can work remote... your girlfriend is different.

Some clarity around buying elsewhere and having her name on the mortgage, this is fine. As long as your income can service the mortgage and any liabilities that you both may be carrying.

NOTE: If she was to obtain employment before moving, then the employment offer may be considered if employment is same type of role (does not have to be same industry).

An Alberta mortgage broker can assist with the purchase financing in other provinces.

Be happy to answer more questions...

__________________
Thanks,
Tim
Managing Director || Broker
Canada Mortgage Direct Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or Click here to email me

Click here to View current Mortgage Rates

Report this post | IP: Logged

Old Post 03-07-2017 07:27 PM
TimLacroix is offline Click Here to See the Profile for TimLacroix Click here to Send TimLacroix a Private Message Visit TimLacroix's homepage! Find more posts by TimLacroix Edit/Delete Message Reply w/Quote
The time now is 02:34 AM (GMT) Post New Thread   
  Last Thread   Next Thread
Beyond.ca - Car Forums : Powered by vBulletin version 2.3.9 Beyond.ca - Car Forums > Lounge > Real Estate / Finance > Mortgage Question



Show Printable Version | Email this Page | Subscribe to this Thread


Forum Rules:
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is OFF
vB code is ON
Smilies are ON
[IMG] code is ON
 

Google
 
Web beyond.ca

Terms of Use - Contact Us - Advertising Info - Archives - Car Blog

Powered by: vBulletin Version 2.3.9
Copyright ©2009 Jelsoft Enterprises Limited.

Bringing Car Enthusiasts together in discussion on our car forums

Page Statistics : Page generated in 0.06662703 seconds (72.70% PHP - 27.30% MySQL) with 28 queries.