QUESTION : Mortgage Loan Approval on Contract Job or Less Pay ?

[AK84]

Hi Guys,

I have question regarding Housing Mortgage loan approval.

Is it possible to get mortgage loan approval from bank with contract job ?

is it possible to get approval loan from third party if our pay is less?

Please advise the options to get maximum mortgage loan approval in Toronto.

 

[steaky]

Go and speak to a private lender.

 

[canuck78]

Hi Guys,

I have question regarding Housing Mortgage loan approval.

Is it possible to get mortgage loan approval from bank with contract job ?

is it possible to get approval loan from third party if our pay is less?

Please advise the options to get maximum mortgage loan approval in Toronto.

It does not always make sense to buy right away.

 

[21singh]

Hi Guys,

I have question regarding Housing Mortgage loan approval.

Is it possible to get mortgage loan approval from bank with contract job ?

is it possible to get approval loan from third party if our pay is less?

Please advise the options to get maximum mortgage loan approval in Toronto.

Hi,

I would suggest to visit the bank, instead of 3rd party lenders.
Look for the desired amount & other factors like Interest Rate etc.
Get the Pre-approval from 1 bank which you think is offering you the best deal.
See the property you are interested in & then shop around with other banks to bargain on Amount, Interest Rates etc.

Though on an average you can get 5X Mortgage on your yearly compensation.

Good Luck

 

[steaky]

Hi,

I would suggest to visit the bank, instead of 3rd party lenders.
Look for the desired amount & other factors like Interest Rate etc.
Get the Pre-approval from 1 bank which you think is offering you the best deal.
See the property you are interested in & then shop around with other banks to bargain on Amount, Interest Rates etc.

Though on an average you can get 5X Mortgage on your yearly compensation.

Good Luck

That means OP will need to give away his personal/financial to several institutions instead of one company to get the best deal?

 

[21singh]

That means OP will need to give away his personal/financial to several institutions instead of one company to get the best deal?

That is a very valid concern.
That is upto on individual, I personally shop around before signing the documents.
I didn't have any trouble sharing financial documents with BANK (not 3rd party or mortgage broker).
Even the Credit Score does not have any impact of the shop around.

Good Luck