Posted on: 26-07-10 10:11:41
I changed jobs and joined a company recently about 2 months back and my probation will be over after 6 months (4 months remaining). My husband is in his present job for over 4 years. We did get a preapproval few weeks ago for variable prime - 0.6 but I was told that for my case they will have to get an exception since I have not yet completed my probation. I asked one of my friends about the same who told me that if I get mortgage before my probation is over, they will treat it is as riskier mortgage and there may be additional clauses in mortgage as compared to standard mortgage. Will it be better to wait until my probation is over?
Quote:
Originally posted by lak_canada
I changed jobs and joined a company recently about 2 months back and my probation will be over after 6 months (4 months remaining). My husband is in his present job for over 4 years. We did get a preapproval few weeks ago for variable prime - 0.6 but I was told that for my case they will have to get an exception since I have not yet completed my probation. I asked one of my friends about the same who told me that if I get mortgage before my probation is over, they will treat it is as riskier mortgage and there may be additional clauses in mortgage as compared to standard mortgage. Will it be better to wait until my probation is over?
Yes. They are right as they would have to get an exception done in your case if you are still under probation at the time of closing. It would not be a difficult thing if you are a professional with good experience in your field and changed the job in your own field. However, once approved with our without exception (to your job situation) it would be the same terms and conditions as standard mortgage.
Either you can wait till the probation is over or make sure that the closing is after the probation is complete since it seems that it is only a pre approvla at this stage and you have not put offer for a house yet.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
