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Thread: Mortgage Question

  1. #1
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    Default Mortgage Question

    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?

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    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

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    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.

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    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.

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    Sounds like your gf's Calgary job is 2Legit2Quit

    *I have nothing constructive to add.

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    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/propert.../mls201703776/
    Last edited by Xtrema; 03-07-2017 at 11:49 AM.

  7. #7
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    Default Re: Mortgage Question

    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

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