Home Buyers Mortgage

[stevenhaugh]

Hey,

I have been working in a pharmaceutical drug manufacturing unit for more than five years. Recently, I quit my job due to certain health issues and started a seafood restaurant in the city. My wife is working in a multinational software firm based in Calgary and she has a fair monthly income. We are staying in a small rented apartment. We have decided to buy a new home.

One of the first steps in purchasing a new home is to take a realistic look at what we can afford and how to pay for it. I need to know regarding the documents required to avail a home buyers mortgage? I'm confused whether to approach a credit union or a broker for the service. I have searched on the internet and found a few mortgage brokers offering the home buyers loans in Alberta. Guys, please share your suggestions and opinions regarding this.

 

[jay trotta]

Best you shop rates & requirements in your area; differences between Credit Union costs and Mortgage Costs; it is a personal preference based on your Income/Debt ratio. Each Lender is different in regards to what Documents they need, there is no "special package" for all Lenders.
Good Luck

 

[Tim The Enchanter]

Shop around different lenders or brokers. See how much you qualify to borrow and thus pay, before you start shopping for a house.
Hopefully your market is not a bubble that is expanding to pop. If so, wait. Good luck, be careful.

 

[Mark K]

A buddy from Toronto tells me the mortgage lending business in Canada is not the same as in the US.

Lending ratios (income to house payment), Loan to Value amount, loan terms, down payments all vary in the US depending on the mortgage program and there are a lot of programs, e.g, first time buyers, FHA, conventional, VA, Farmers home loan, special interest rates for loans in certain parts of town (not the good parts), etc.

In the US, lenders are more than willing to lend too much money to the avg. borrower and they do it with little or no $$ down payment. I don't think the mortgage business in Canada is as reckless as the US.

Best bet is to contact a local mortgage rep/broker or bank and discus it with them.

Good luck!