Mortgage without job

[Beenish_j]

Hi.we are shifting to canada.we can have down payment of 20%.
Is it possible to get mortgage without a job offer?

 

[steaky]

Still need to clear a stress test depending on your finance

 

[Beenish_j]

Still need to clear a stress test depending on your finance

And how to go about it? Do ae need to contact bank directly?

 

[steaky]

And how to go about it? Do ae need to contact bank directly?

Or contact a mortgage broker or private lender.

 

[canuck78]

It is pretty unlikely. You still need the means to pay off the rest of the mortgage,

 

[SANB]

Hi guys, if anyone is migrating to Toronto, Canada and wants short term furnished accommodation in Mississauga near Square One (downtown Mississauga), get in touch with me. I own over 16 furnished bedrooms varying in price from CAD.45 - 85 per night (all bills included).
Also, if any new immigrant wants to purchase a property and has access to 10-20% down payment, I can facilitate the mortgage through our mortgage brokerage company that provides many mortgage option depending on the complexity of your case. I am also in real estate so if any of you want to lease an apartment or a house in GTA, I am able to do that for you. Do let me know if anyone is interested? Thanks

 

[canuck78]

Please be careful of @SANB rental rooms. At $45-85 this could be an illegal rooming house which could place yourself in danger. Many of these illegal rooming houses target new owners and international students. Make sure to look at the posted rates for mortgages. It is best to get a job before you qualify for a mortgage so you won’t be charged a much better interest rate.

https://www.thestar.com/news/gta/2018/09/05/fines-laid-against-scarborough-rooming-house-operator-for-fire-code-violations.html

https://globalnews.ca/news/4439276/landlords-charged-with-negligence-in-fatal-scarborough-house-fire/

 

[Beenish_j]

Please be careful of @SANB rental rooms. At $45-85 this could be an illegal rooming house which could place yourself in danger. Many of these illegal rooming houses target new owners and international students. Make sure to look at the posted rates for mortgages. It is best to get a job before you qualify for a mortgage so you won’t be charged a much better interest rate.

https://www.thestar.com/news/gta/2018/09/05/fines-laid-against-scarborough-rooming-house-operator-for-fire-code-violations.html

https://globalnews.ca/news/4439276/landlords-charged-with-negligence-in-fatal-scarborough-house-fire/

Hi. Plz give me your contact number. We are looking for accommodation for 2 or 3 months

 

[steaky]

Hi. Plz give me your contact number. We are looking for accommodation for 2 or 3 months

Wrong person to ask.

 

[Beenish_j]

Wrong person to ask.

Oh sorry

 

[21singh]

Hi.we are shifting to canada.we can have down payment of 20%.
Is it possible to get mortgage without a job offer?

Very thin chances to get the mortgage approval.
You need to prove to bank that you can repay the amount from source (generally income from job or business).

Good Luck

 

[21singh]

Never ever use an Mortgage broker.
1. They always have higher rate of interests.
2. They always advise to go with B Lenders.
3. They always charge money on the mortgage.

Instead you can simply walk in to any bank, get a pre-approval easily & with less rate of interest with out paying even a single penny.

Good Luck

 

[TDH Team]

Never ever use an Mortgage broker.
1. They always have higher rate of interests.
2. They always advise to go with B Lenders.
3. They always charge money on the mortgage.

Instead you can simply walk in to any bank, get a pre-approval easily & with less rate of interest with out paying even a single penny.

Good Luck

Hi 21singh,
Sorry to hear your about negative experience with mortgage professionals, but I have to set straight some facts about mortgage brokers/agents:
1. A good broker/agent will always shop around between many lenders to get the best possible conditions for their client (rate and OTHER parameters). Accordingly the borrower won't be stuck with one bank's line of products or visit each bank to see what they could offer.
2. B Lender is an option if the specific circumstances of the borrower is not strong enough to qualify with an A Lender.
3. A Lenders (banks) always pay the mortgage brokers, so the broker does not need to charge their client for the service. Most B Lenders charge a lender fee and also pay the brokers/agents directly, so the broker/agent does not need to charge additional fees.

 

[21singh]

Hi 21singh,
Sorry to hear your about negative experience with mortgage professionals, but I have to set straight some facts about mortgage brokers/agents:
1. A good broker/agent will always shop around between many lenders to get the best possible conditions for their client (rate and OTHER parameters). Accordingly the borrower won't be stuck with one bank's line of products or visit each bank to see what they could offer.
2. B Lender is an option if the specific circumstances of the borrower is not strong enough to qualify with an A Lender.
3. A Lenders (banks) always pay the mortgage brokers, so the broker does not need to charge their client for the service. Most B Lenders charge a lender fee and also pay the brokers/agents directly, so the broker/agent does not need to charge additional fees.

Hi,

This is not only my experience, indeed many have same experience.

1. What Mortgage Broker suggest is 6.5 Rate of Interest to me. I got at 2.75 from bank directly.
2. Mortgage Broker told me, I do not have too old Credit History, so I will not able to qualify for A Lender. I got from top 5 bank (A Lender).
3. Mortgage Broker charges which my friends have paid is 1% of the amount.

That's what I suggested to every one to go directly to bank & shop around, it is easy & convenient rather than going to Mortgage Broker & hitting the credit score.

Good Luck

 

[canuck78]

Hi,

This is not only my experience, indeed many have same experience.

1. What Mortgage Broker suggest is 6.5 Rate of Interest to me. I got at 2.75 from bank directly.
2. Mortgage Broker told me, I do not have too old Credit History, so I will not able to qualify for A Lender. I got from top 5 bank (A Lender).
3. Mortgage Broker charges which my friends have paid is 1% of the amount.

That's what I suggested to every one to go directly to bank & shop around, it is easy & convenient rather than going to Mortgage Broker & hitting the credit score.

Good Luck

You clearly had a bad mortgage broker.