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Can I get a morgage w/ no job?

Discussion in 'Housing' started by Annabel, Oct 12, 2011.

  1. Hi, I am an overseas Canadian. I am planning to join my bf in Toronto and buy a house together. He is self employed and might be hard to get a morgage. I am in the process of quiting my job and getting ready to move. We are looking at a house at around $350000 and 50% down. We will have a saving/investment of around $275000 after the down payment. Will I get a morgage w/o a job?
     
  2. Only a mortgage broker can answer this question. Do you have other assets in and outside Canada?
     
  3. Unfortunately not!
     
  4. Hi

    I was on your shoes till last year. As long as we needed to put 35% downpayment, it was okay. They of course checked our credit and It was no problem. Unless one of you have any major credit problem, getting mortgage won't be a problem! :D

    Good luck with your mortgage.

    Plus we got our mortgage from TD bank and purchased property was $320K. Hope this will help.
     
  5. What a confidence booster! Thank you so very much. I dealt with HSBC. Do you know if they operate in a similar manner or more stringent compared to TD?
     
  6. I heard HSBC is pretty easy going with mortgage compared to the other banks!
     
  7. Thanks Dpark. I feel a whole lot better now. Hope I will have good news to share soon. All the best!
     
  8. Re: Can I get a mortgage w/ no job?

    Just as a pre-caution, can any one suggest a few other mortgage brokers who might be helpful to me?
     
  9. Try Street Capital or Home trust. They are very good lender as well.
     
  10. Re: Can I get a mortgage w/ no job?

    Another company that are good in the Toronto area is Dominion Lending
    http://www.dominionlending.ca/

    I have always found them to be reliable.
    Goodluck
    Roy


    Realtor
    Sutton Group - Elite Realty Inc.
     
  11. If you put 50% down payment for a house over $300000. The most obvious question would be who are you going to repay the remaining 50% of the mortgage. So some kind of income, job, business, income from rental property will be needed as proof to show you are able to pay off the mortgage at the end of the month.
     
  12. I think that Annabel's bf is here in Canada working which is probably how they are anticipating covering the mortgage payment in the months before gaining employment here in Canada. Roughly a $150k mortgage (5yr term, 25 yr ammortization) would be in the ballpark of $750 per month.
     
  13. Re: Can I get a mortgage w/ no job?

    Thanks for all your inputs. As we have savings and investments tucked aside plus my bf's has income from his business, paying the mortgage is not a problem. Of course, the key thing is whether the bank would think so too and grant me the mortgage without any proof of income. Would showing my running average balance in my account help? My bf co-owns and is paying mortgage on his business property with his biz partner. It would be easier and less messy if I can apply for the mortgage. Of course, I hope to get a job after I settle back in Toronto. This is again another big hurdle!
     
  14. The only person who can apply for mortagage is your boyfriend as bank will never approve you for a mortgage without a proof of income. Also, HSBC is one of the worst banks in Canada to deal with a mortgage.
     
  15. No, you are the worst person to deal with a mortgage. TD, BMO, HSBC and Scotia are fine.
     

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