Any mortgage specialists here?

arek · 06-25-2010, 08:47 PM

Hey guys,

Just to be brief here, my friend is looking to purchase a home here in Canada. Just recently acquired Permanent residence and has a $150,000 downpayment.

Without going into too many details, he has a steady income of $8500-10,000CDN/month back home in Poland, legally - but off the books. (Yeah, yeah..).

Anyway, he wants to buy a house for $350,000... and needs to finance the rest.. so what are his options? Any suggestions for brokers/lenders with DECENT rates with the possiblity of him paying it alot faster (3-4 yrs)

Thanks in advance.

BigD · 06-25-2010, 08:56 PM

(not an expert but I've had to learn a lot due to being self employed when I first bought my house) He'll probably not be able to get a loan through any of the big banks but it won't be a problem with any of the B lenders by self-declaring income. They still have good terms and the interest rate might only be a bit higher than the best discounted rate from an A (ie RBC, BMO).

arek · 06-25-2010, 09:34 PM

Quote:

Originally Posted by BigD

(not an expert but I've had to learn a lot due to being self employed when I first bought my house) He'll probably not be able to get a loan through any of the big banks but it won't be a problem with any of the B lenders by self-declaring income. They still have good terms and the interest rate might only be a bit higher than the best discounted rate from an A (ie RBC, BMO).

BigD,

Appreciate your reply.

Would you happen to know any b-lenders you could suggest? What is the usual going rate, from these higherrisk B-lenders?, anything he should look out for? suggestions?

Thanks in advance.

BigD · 06-25-2010, 10:10 PM

You're welcome.

I don't think they like to deal with consumers directly but rather brokers. I started with Maple Trust. I think the posted 5 yr fixed at the time was over 6, I got 5.79, I'd guess I could have probably gotten 5.75 from an A with proper income proof - so not a monumental difference.

Try my broker, Anthony anthonyassuredmortgages@gmail.com He's a bit of a space cadet (he likes to say "you know what, don't worry bout it" - and you should), but he has awesome connections and knows how to make underwriters look at things with one eye closed.

Fel · 06-25-2010, 10:31 PM

I can't say I'm a specialist, but I did stay at a Holiday Inn Express last night.

damameke · 06-27-2010, 10:53 PM

Before you start talking to any broker.. check the "Welcome to Canada" program, it is a program for new arrival(PR) from what I know(awhile back) the down payment should be at least $35% which he qualifies..

Check with any bank they might have more details.......

http://www.rbc.com/canada/financial/index.html

Blackedout95 · 06-27-2010, 10:57 PM

Self emplyment rules for mortgages have tightened, cannot just claim to make X and get a mortgage anymore. Id bet against him unless he flat out lies!

Best to use a B lender or private guy but he will pay much more as the current 5 yr fixed conventional is 4% +/-.

Hoopie · 07-01-2010, 10:29 PM

Hello,
I am a Mortgage Broker based out of Oakville Ontario. You or your friend are more than welcome to contact me at robert@fairmortgagesolutions.com and i'd be more than happy to answer any questions you might have.
You can also visit my site at www.roberthooper.ca.