Yes need to a get mortage to buy a house but have bad credit now I know you get a loan even with bad credit but where in Canada can you help a Lady out
2006-12-29 13:05:06 · 3 answers · asked by pattibcacl 6 in Business & Finance ➔ Renting & Real Estate
I have great credit but I know my brother doesn't and he was able to get a mortgage through Royal Bank. Banks love giving you money as long as it is in your means. If your mortgage is worse than average you will probably not get as much money as someone else off the street. The CMHC does not allow you to mortgage more than 40% of your monthly income. For example, if you make $1000/month your mortgage payment cannot be more than $400/month. With a bad credit rating you may seem them lower that percentage so you may only be able to mortgage 30% of your monthly income. You should also look in the yellow pages under mortgage brokers, they will find you the best mortgage based on your current situation. Be careful though, a lot of mortgage brokers get perks from banks and based on the number of mortgages they sell the broker will get incentive rewards. Kind of like air miles for brokers. I would suggest getting at least 3 quotes from brokers or ask around, not sure what area you are in so I can't help you with good brokers. My broker is great, but i'm in Calgary and he's not going to do you any good if you are in Flin Flon or Cape Breton :)
2006-12-29 13:18:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You need to be at the same job for at least 6 months.
2006-12-30 16:36:07 · answer #2 · answered by ? 6 · 0⤊ 0⤋
A good mortgage broker. www.gatorlaon.com is the guy I use.
2006-12-30 08:42:04 · answer #3 · answered by Dr. Don 2 · 0⤊ 0⤋
only thing i have for you is this canadian mortgage calculator...good luck
2006-12-30 05:46:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋