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Old 09-14-2009, 11:46 PM   #1
daytona
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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.
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Old 09-14-2009, 11:51 PM   #2
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Dude, why do you post your personal business online?
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Old 09-15-2009, 12:01 AM   #3
daytona
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Dude, why do you post your personal business online?
they dont know who I am EP.....
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Old 09-15-2009, 12:07 AM   #4
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They may ask you to close your LOC or your visa card, but i dont see any problem in getting a mortgage.
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Old 09-15-2009, 12:14 AM   #5
daytona
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No problem closing either the LOC or Visa...I always pay cash anyways...getting sweet quotes for 3 year close mortgages at %3.25.
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Old 09-15-2009, 12:47 AM   #6
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and in 3 years they'll be at 5%, just get a 5 yr if you plan on staying that long
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Old 09-15-2009, 12:53 AM   #7
daytona
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no planning to sell in 3 and move to BC......
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Old 09-15-2009, 01:47 AM   #8
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ah, good choice
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Old 09-15-2009, 07:08 AM   #9
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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?
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Old 09-15-2009, 07:38 AM   #10
daytona
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no car payments...
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Old 09-15-2009, 07:40 AM   #11
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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?

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Old 09-15-2009, 07:53 AM   #12
daytona
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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.
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Old 09-15-2009, 08:00 AM   #13
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^now it's a bit different picture.
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Old 09-15-2009, 08:23 AM   #14
careless7
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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!!!!!!!!
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Old 09-15-2009, 08:29 AM   #15
daytona
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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.......
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