Posted on: 17-05-16 01:27:45
I bought a house 450,000 in Brampton. My salary is around 52,000 year. My wife is housewife no income. My offer was accepted and I put 2 condition finance and inspection and seller gave us 5 days for financing. I have already given them 10,000 deposits.
My agent took me to desi mortgage specialist, he reviewed my case he said I cant give you approval because your closing after 2 months. I have to create job for your wife and show income. He said waived both condition I will give you approval before closing and I said what is the guarantee he said you have to take risk.
Even after waived both conditions if he is unable to approve my mortgage then will I lose my 10,000 or should I take risk.
Please help I am running out of time.
Ask yourself how you will afford the payments even if the mortgage is approved. There is a reason there banks have a lending criteria. That is the bigger risk you are taking.
With $3000 PM net income, how can you afford $1400 PM mortgage payments +$400 taxes + $100 hydro + insurance?
It is a no brainier, but you want others to tell you that?
Good luck friend.
Hiren
No one can give you more practical advise than given above.
However if your question is will your mortgage be approved than answer is YES .
As long as your credit history is not screwed up DESIS can do wonders
If everything else fails I can refer you a name.
P.S: Even though losing a deposit is possible but its not easy as it sounds for a seller to just go ahead and cash the cheque even if you don't meet your commitment.
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Growing Old Is Mandatory ..Growing UP is Optional
If you go to bank, you will be denied mortgage. You already have a clause in your offer about able to secure mortgage. You can get your deposit back if you go this way.
If you want to go the other way and rent out every room in the house to pay the mortgage, I do not think you should asking this in a public forum.
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Assuming you are puting 20% down, you need mortgage for 450k-90k = 360k
For 30yr mortgage - 2.5% int rate, you need to pay $1420/pm
+
300 Property Tax
250 Utility
100 Insurance
--------------------
650 Total
Total expenses- 1420 + 650 = 2070
So On lower side you ll always need 2070, just for the house.
Final decision is yours, above data points might help you in deciding.
Please consider the property tax of 418 per month. The tax rate for 2015 is set for 1.115%.
These increasing house prices will start killing the people after the lag period of 2 years.
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A Delhite in Toronto
Quote:
Originally posted by adnancanada
I bought a house 450,000 in Brampton. My salary is around 52,000 year. My wife is housewife no income. My offer was accepted and I put 2 condition finance and inspection and seller gave us 5 days for financing. I have already given them 10,000 deposits.
My agent took me to desi mortgage specialist, he reviewed my case he said I cant give you approval because your closing after 2 months. I have to create job for your wife and show income. He said waived both condition I will give you approval before closing and I said what is the guarantee he said you have to take risk.
Even after waived both conditions if he is unable to approve my mortgage then will I lose my 10,000 or should I take risk.
Please help I am running out of time.
Hi Adnan,
I agree with most of the posters above and would like to reaffirm their view that it would be very difficult to manage this house in your income and it is IMPOSSIBLE to get approved for the mortgage (legally) and you would be MUCH BETTER OFF to walk away from the deal immediately and take your deposit back while you still have time.
And if you do any thing 'unethical' to get approved for the mortgage, you might get in to the house but may not be able to enjoy it as you would need to be on your toes all the time to keep on working so that you can keep the house. All the tension it is going to cause may not be worth it. Moreover, even if the desi mortgage specialist do something unethical, you would be responsible for all the actions and may have to face grave financial consequences if things do not work out.
When in doubt stay out. That's all I can say in this situation.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
