How Much can I borrow for a mortgage as a Day Trader.

[ali79uk]

Hello

I had a question about Loan to Value and also how my average earnings would be determined.

I am a share day trader and have recently completed my first year of trading.

I am grossing approximately $120k per annum.

Based on this, how much could I get as a mortgage, and what LTV % could be on offer.

1) I have been full time employed since Jan-2001 until last summer when I decided to day trade shares full time.
2) My reported income on my Tax forms is $120,000 so after tax I have approximately $82,000 net.
3) I am self employed (though am not incorporated).
4) I dont really have a credit rating as I will be new to Canada (am moving in August 2015).
5) I am looking to purchase a home to live in. Initially looking to buy something circa $350,000
6) I have a down payment but wanted to know the maximum loan to value I could get.
7) I have no other debts and do not have credit cards etc.

Kind Regards

 

[scylla]

All of the major banks have online calculators that allow you to calculate this type of information. Here's one:

https://tools.td.com/calculators/mortgage-affordability/

Note that it's possible the bank may not be willing to lend you the full amount since you are a day trader rather than someone with a salary. You'll have to speak with the bank to find out more.

 

[ALRIVAS]

Hello there as a rule all new immigrants with out Canadian credit history will be required to give 20% to 35% downpayment.
Every transaction is individually processed so if you know someone that was given a mortgage with 20% that doesn't mean you'll get the same treatment.
Regarding your income since you are self employed the minimum downpayment required is 10%.
As a day trader you get commissions and a salary I believe,you'll be asked to provide 2-3 years of past income in order to work an average of borrowing power.
If you are coming from a country that has a credit recording system you can bring it and will help you with your process.
I'm Realtor going on 13 year working in the GTA check my site if you are coming this way for more info on the buying process or if you have any question alrivas com.

 

[torontosm]

Hello

I had a question about Loan to Value and also how my average earnings would be determined.

I am a share day trader and have recently completed my first year of trading.

I am grossing approximately $120k per annum.

Based on this, how much could I get as a mortgage, and what LTV % could be on offer.

1) I have been full time employed since Jan-2001 until last summer when I decided to day trade shares full time.
2) My reported income on my Tax forms is $120,000 so after tax I have approximately $82,000 net.
3) I am self employed (though am not incorporated).
4) I dont really have a credit rating as I will be new to Canada (am moving in August 2015).
5) I am looking to purchase a home to live in. Initially looking to buy something circa $350,000
6) I have a down payment but wanted to know the maximum loan to value I could get.
7) I have no other debts and do not have credit cards etc.

Kind Regards

As a self-employed professional with only 1 year of reported earnings, you will have a very difficult time getting a mortgage of any amount from a major bank. This is further compounded by the fact that you don't have any credit history in Canada. There are other lenders who would provide you with the money, but only with a sizable down payment and at fairly usurious rates.

Stick to renting for now.

 

[steaky]

You can also seek financial assistance from lenders in your home country.