Loan for buying a townhouse etc

[Asta]

Hi, can someone tell me what are the requirements in banks for getting a house loan?
im most interested in how much a family's income has to be to get a loan? can anyone give me an example?

i heard we had to build a credit history, i dont even have a credit card yet, which i have to get even though i dont need it. sinve we use husband's visa..

thanks for the help. id appreciate if someone could share their experience with banks.

 

[newtone]

You need a credit history, which means you need to have credit cards, it would be good if you have investments or savings in the bank so that if the bank decides to give you a loan they know they can hold on to something as security. Income is important. Whatever your income is you are eligible for a home loan of 3x that. So lets say your income is $50,000 bank can give you a home loan of $150,000

 

[Asta]

You need a credit history, which means you need to have credit cards, it would be good if you have investments or savings in the bank so that if the bank decides to give you a loan they know they can hold on to something as security. Income is important. Whatever your income is you are eligible for a home loan of 3x that. So lets say your income is $50,000 bank can give you a home loan of $150,000

thanks! thats some good info.

 

[New Ontarian]

Hi,

How would the income calculated if I am self-employed and the income is variable....

 

[steaky]

I would talk to my banker in this situation....

Hi,

How would the income calculated if I am self-employed and the income is variable....

 

[newtone]

I agree talk to a banker, for people who are self employed or small businesses