Posted on: 20-11-13 17:16:01
Hi Guys,
How easy to get mortgage if job is on probation period?
TD and Scotia denied to give mortgage if job is on probation period. They may be fine if there is already approval from them and I don't tell about new Job.
Have plan to pay down payment more than 20%.
What are other options?
Thanks in advance.
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by meitsme
Hi Guys,
How easy to get mortgage if job is on probation period?
TD and Scotia denied to give mortgage if job is on probation period. They may be fine if there is already approval from them and I don't tell about new Job.
Have plan to pay down payment more than 20%.
What are other options?
Thanks in advance.
Most lenders may not be comfortable in providing mortgage to a person who is on probation. However, depending on the type of job, experience in the same field and earning potential exceptions can be done.
Having said that, if there is a general helper or machinist has been working in the same field but on probation on his new job the bank may not be comfortable but if an IT programmer or SAP analyst or an Engineer changes job for a better position and have good credit and assets, the bank may make an exception.
I have got exceptions done for some of my clients who were making good money in Oil Fields in Alberta and changed job for a better position in the same field. In one case, the client actually left a better paying job in a hard ship area for joining a government job in same field at a much lower amount but the bank understood the reason of change of job and approved the mortgage.
Hence the bank would see each case on its merit. You should see a mortgage professional and discuss your case and there are chances that the professional would be able to sell the deal to one of the lenders and get you mortgage.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks for your reply.
I am in IT and planning to join government job for 18 months term (with chances of extension) with lower salary. There is officially 1 year probation period. Still family income will be much higher than I need mortgage. I have plan to put down payment 35 to 40%.
How easy to get exception from bank?
If bank decline, what are other options? Do you think will get better rate from other sources?
I have closing date of my new home in May 2014 and have to decide to accept the government job or not in next few weeks.
Thanks
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by meitsme
Thanks for your reply.
I am in IT and planning to join government job for 18 months term (with chances of extension) with lower salary. There is officially 1 year probation period. Still family income will be much higher than I need mortgage. I have plan to put down payment 35 to 40%.
How easy to get exception from bank?
If bank decline, what are other options? Do you think will get better rate from other sources?
I have closing date of my new home in May 2014 and have to decide to accept the government job or not in next few weeks.
Thanks
This information you provided changes the scenario a bit as being on contract may make you a self employed person or a contract employee and not a full time employee on probation and you would be treated by banks in different light.
Having said that, go ahead and take the job with the Government because with th down payment you are making, you would not have problem in getting the mortgage as a mortgage professional would have access to more than 30 lenders with different policies and product and would surely get you a mortgage. I know I can. I would say that you should contact a mortgage professional and discuss your situation and get his/her opinion.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks a lot for your quick response.
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Success is Never Ending and Failure is Never Final.
