Mortage tips

[javisam376]

Hello,

My summary:

Did a soft landing in June 2018
Moved to Montreal in August 2019
Got a job in November 2019
Want to buy a condo/home to move by August 2020
Have a credit score of 752.

Some people say I should start looking into mortgage loans, is this a good time or I should wait until I build a better financial credit or whatever is needed?

Any tips?

Thank you.

 

[steaky]

Canada has a certain number of credit score. Your score might not be the same as the bank you deal with.

 

[mahi2020]

Credit score doesnt matter a lot, if your income is gd (70-80k for Montreal // 120-130k for Toronto/Vancouver) and you dont have any other mortgages running.

 

[Musti82]

Hello,

My summary:

Did a soft landing in June 2018
Moved to Montreal in August 2019
Got a job in November 2019
Want to buy a condo/home to move by August 2020
Have a credit score of 752.

Some people say I should start looking into mortgage loans, is this a good time or I should wait until I build a better financial credit or whatever is needed?

Any tips?

Thank you.

Hey im actually Mortgage Specialist for RBC.
your score is decent for the short time you have been here, just don't apply for too much credit, also make sure you finish your probation for your new job. also make sure you actively use your visa and pay on time, don't run too much balance compared to your credit limit (its called utilization)

you have 2 options, these days assuming you have no debt, you can borrow 4-4.5 times of your income. So if you're making 100k the maximum you will be able to qualify is 400-450k , add your downpayment to it, that will get you to the price you can afford.

Since you're newcomer we have some programs, if you keep a significant downpayment (like 35%, you can qualify for more, but obviously thats not the easiest)

feel free to ask any other questions, i lived in Montreal for 4 years back in my international student days. now in Toronto, but i can help you from here, there is no limitation for us.

 

[javisam376]

Thanks for your feedback.

I went to the bank and I got pre-approved about 4.6 times my salary with a 2.81% five year closed fixed rate.

I am going to check in a couple more banks to see if I get a better rate.

I also want to apply for a new credit card (one with more benefits), do you guys think it will hurt my credit score of something and I should wait?

 

[Musti82]

Thanks for your feedback.

I went to the bank and I got pre-approved about 4.6 times my salary with a 2.81% five year closed fixed rate.

I am going to check in a couple more banks to see if I get a better rate.

I also want to apply for a new credit card (one with more benefits), do you guys think it will hurt my credit score of something and I should wait?

rate is okay for todays. just make sure dont do too many credit checks it will affect your score. every time u apply ur score goes down. possibly wait till u get the house. make sure the pre approval person included maintenance fees(if its condo,) and property taxes realistically.

sometime they forget that u might look for a place with maintenance fees and give you overstated amount. make sure these figures are as close to real as possible.

i say also wait till march, rates will go down further and also banks will also come with cash deals, where they ll give u really good rate and depending on the size of the mortgage 500-2500 dollars as reward.