+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Can I get a morgage w/ no job?

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

  1. Please refrain from providing advice when you have no clue what you are talking about. HSBC mortgage requirements are stricter than 5 major Canadian banks.
     
  2. Re: Can I get a mortgage w/ no job?

    Thanks all. Guess I will have to brave the water and start talking to all the banks. Wish me good luck. Will keep you posted. In the meantime, any info and support are welcome. It helps keep my spirit up.
     
  3. The problem with savings is that banks (at least in Canada) don't care how much money you have in the account as it can be pulled out any time. They want steady income with at least 2 years of full time employment and will ask for your tax assessments. I don't know how the other guy got the mortgage, but maybe he had a guarantor. If you have good relations with HSBC in your own country they might be a better option to set you up with the mortgage. Just be aware that rates will be pretty bad.
     
  4. This post is really inaccurate and misleading. I am not sure of mrbeachman’s motivations. Banks have ‘New to Canada’ mortgage products. It is a contradiction to demand historical data of finance, Canadian tax and employment in Canada for a “newcomer to Canada” product don’t you think?. All of your financial information….yes including how much cash you have, financial instruments and assets… are taken under consideration. The mortgagee has a weighting system for the information on your finances. Credit history is a major player as is the ratio of Loan to Value (LTV). Make no mistake the banks are looking at the LTV to make sure that there is a safety margin if they need to kick you out and get the money back. Canada also has a sub-prime market also (shocking!). Banks make billions here and need to lend a lot of money out to make money when the interest rates are so low.

    Have a chat with a bank……anyone you like…..most have a dearth of information on the net to entice you to sign up with them. Get in contact with a good mortgage broker and see what they can do. I know that a lot of brokers are recommending ING, TD at the moment but it does change depending on the financial goals of the bank so you need to have a broker that is on top of the mortgage market. One of the upsides of using a broker is that they will present you in the best light to get the mortgagee to approve you (they only get paid if you get a mortgage). A further suggestion (from my experience of working for newcomers) would be to get your credit report in the UK and gather up all your UK employment history and banking information before you leave the UK. I know that getting your credit report is a little more difficult when you have shut down all your UK accounts and leave the country. Most banks will take your UK credit history into consideration, perhaps not to the same extent as they would a North American history but it is better then nothing.

    Most of the British client that I have worked with over the years tell me that they were not impressed with HSBC. They commented that they were sold on the transparency and seamlessness of moving from country to country. They State that the reality was far different and there seemed to be no added value or advantage. Many had experienced difficult delays in banking from HSBC leaving them financialy embarrassed for a period at a time of great stress.

    Good Luck 8)
     
  5. Thanks all for the advise. Apparently it's more complicated than I expected. Good thing I found out all these from you guys before we start house hunting. Gosh, it really dampens my spirit!
     
  6. ? I do not think that it is complicated Annabel, you just need to get in touch with a money bag...ie the bank or mortgage broker, who can process you and let you know what you are approved for. Once you have your pre-approval which generally takes about 24hours at most you will be able to consider purchasing. It is very easy :D
     
  7. My fiancé has been working on a temporary contract since July and last week got a permanent contract and we have been able to secure a mortgage with a 10% deposit through the house developer (I believe through RBC) without any problem. All they did was check our past credit history from the UK and wanted to see a copy of the offer of permanent employment.

    It wasn't difficult at all - 2 phone calls and an email, now we just need to sign the paperwork.

    You'll be fine xx
     
  8. This is not helpful at all.
     
  9. I have already mentioned this previously. This is not helpful at all, too.

    BTW, are you a realtor in Toronto? In Vancouver, I used to hear things like how much your realtor is rebating you when one is purchasing a real property via a realtor. Is it the same in Toronto?
     
  10. what's going on here??:)
     
  11. Hi Steaky,

    I am a Realtor in Toronto. My office is in Mississauga on the border of Toronto.
    There are all sorts of stories that fly around on a regular basis and some might be based on fact but I really do not know. I am guessing that you would have to be a part of this kind of transaction to really know.

    Let me ask you this, if a Realtor is giving you money back does it mean that they did not get you a good deal? That they did not earn the commission? Would you think that they did not negotiate hard enough in the first instance to keep your money in your pocket? Would you want this rebate, or would you prefer that you were represented better at the negotiating table? Conversely, would you pay more! maybe a bonus for instance to your Realtor if you got a fantastic deal due to there efforts?

    I would be interested in what you think?
     
  12. When I heard people say how much the realtor rebating to me, I will tell them this is not important. The important thing is that the realtor shows his/her professionalism and negotiate a fantastic deal for us, as a buyer.

    Can you tell me how come this building in Hillcrest Avenue in Mississauga so expensive in maintenance fee?


    http://www.realtor.ca/propertyDetails.aspx?propertyId=11083668&PidKey=-878063136

    2 + 1 BR asking for CAD225,000; maintenance: 575.85 monthly
     
  13. Maintenance fees can be an issue. Here in Canada as a generalization they start out low. In some instances very low to entice people to buy the places. Over time the fees increase to keep up with the rising maintenance burden as the building gets older and contribute to the reserve funds of the building. The buildings on Hillcrest are around 20 years old now and I assume that they need to meet the demands of the services and repairs.

    The buildings are walking distance to the GO station and a bus ride up Hurontario to Square One and the City Centre. All the services are included in the maintenance fee (hydro, heat, water, insurance) so you only need to pay for the cable tv and phone. I think that you will find that they dropped the listing price of the unit today.

    Hope this helps 8)
     
  14. Hi guys. Pardon my ignorance. What is the advantage and disadvantage of dealing direct with a bank vs through a broker? How would a broker charge?
     
  15. A mortgage broker will do all the research you need, while if deal direct with a bank you only know the terms, rates and condition of one single bank.

    Hope somebody will answer your second question. Call me a fan of HSBC :D
     

Share This Page