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-   -   Honest opinion guys for a mortgage loan. (http://www.maxbimmer.com/forums/showthread.php?t=125020)

daytona 09-14-2009 11:46 PM

Honest opinion guys for a mortgage loan.
 
Here is my profile..looks like a easy approval for a loan?

Im going to my branch to get a approved loan for a $248,000 condo.

Im going to put %20 down,my income is $43,000 a year,credit rating is 815 as to date,got a line of credit for $30,000 (balance is 0),got a Visa card limit is $15,000 (balance is 0).Self employed and unmarried,looking to get a 25 year mortgage and trying to get a 3 year closed mortgage.Does this look like a good profile.

europrince 09-14-2009 11:51 PM

Dude, why do you post your personal business online?

daytona 09-15-2009 12:01 AM

Quote:

Originally Posted by europrince (Post 1345474)
Dude, why do you post your personal business online?

they dont know who I am EP.....:rolleyes:

mirek 09-15-2009 12:07 AM

They may ask you to close your LOC or your visa card, but i dont see any problem in getting a mortgage.

daytona 09-15-2009 12:14 AM

No problem closing either the LOC or Visa...I always pay cash anyways...getting sweet quotes for 3 year close mortgages at %3.25.

mirek 09-15-2009 12:47 AM

and in 3 years they'll be at 5%, just get a 5 yr if you plan on staying that long :)

daytona 09-15-2009 12:53 AM

no planning to sell in 3 and move to BC......:cool:

mirek 09-15-2009 01:47 AM

ah, good choice

BigD 09-15-2009 07:08 AM

The only bitch may be that you're self employed. Unless you self-declare income with a B-lender, they're going to want to see a lot of steady income history. Make sure you do 20% down because otherwise you'll have to pay double the CMHC insurance premium, 5%! The other important thing you haven't said is your debt load. Do you have any payments, like for a car?

daytona 09-15-2009 07:38 AM

no car payments...

lvan 09-15-2009 07:40 AM

I wonder if you are going to scoop up any equity for 3 years. I am sure it will be a tight call. I mean it all depends on what market will do and so on. Than you have to pay the agent to sell it. Hmm 5 years maybe you would. When you inlude the closing cost, the chances are not so great. Can this money be invested alsewhere with no too much headache as real estate?

daytona 09-15-2009 07:53 AM

Ivan acutally the same unit I got is now selling for $70,000 more than I paid..I bought in 2006 and it was delayed so profit wise it looks fine.

lvan 09-15-2009 08:00 AM

^now it's a bit different picture.

careless7 09-15-2009 08:23 AM

I need more info, can I get a social insurance number too?

Ya being self employed you'll need some luck (or 2 years of T4s). Even though Scotiabank played hardball when I ran my own business, they lost. Cause I took my mortgage, investments, accounts and LOC to Royal who was more than happy with my credit history.

But currently I pay 1.9% on an open variable!!!!!!!!

daytona 09-15-2009 08:29 AM

Quote:

Originally Posted by careless7 (Post 1345523)
I need more info, can I get a social insurance number too?

Ya being self employed you'll need some luck (or 2 years of T4s). Even though Scotiabank played hardball when I ran my own business, they lost. Cause I took my mortgage, investments, accounts and LOC to Royal who was more than happy with my credit history.

But currently I pay 1.9% on an open variable!!!!!!!!

LOL!!! sure its 666666666....*wave*...


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