my brother, after his graduation, could not find a job in his field and worked in two restaurants to pay bills and support his family in Toronto and back home. He missed paying credit card bills and student loan. He got a good offer in Bahrain and moved there with his family. He has since then paid off all his loans (including student loan) and now wishes to buy a house in Toronto. I understand that his credit rating would reflect all this but if he is willing to pay a good down payment, how tough would it be for him to get mortgage?
Location: carl sagan's universe
Posted on: 03-02-08 09:16:20
Quote:
Originally posted by indigo-p
my brother, after his graduation, could not find a job in his field and worked in two restaurants to pay bills and support his family in Toronto and back home. He missed paying credit card bills and student loan. He got a good offer in Bahrain and moved there with his family. He has since then paid off all his loans (including student loan) and now wishes to buy a house in Toronto. I understand that his credit rating would reflect all this but if he is willing to pay a good down payment, how tough would it be for him to get mortgage?
Depends how much he is paying. 20% down , then nothing to worry about.
Also if all his bills are paid and everything set right, there should be no problem. Has he actually checked his credit rating or are you assuming it is poor?No where have you mentioned whether he thinks or knows it is poor.
When did he pay off the debts?
Thanks a lot for your helpful assurance. We are going to move to Canada soon and will be buying a house. I was hoping he can also buy so that our family can stay together. My brother thought there is no chance for him to buy a property in Canada because of his credit rating. I am glad to hear that he can buy provided he puts down 20%. It is kind of steep but we can help him to make the down payment. He paid off all his debts a year ago and at that time he did have bad credit history as he had obtained his credit report from Credit Counsellor. Should he directly go to the bank to apply for mortgage (with 20% down) or should he go through realor/mortgage broker....sorry I am still not familier with how things work in Canada. We will be moving in April and will look into buying a house ourselves.
Quote:The benefit of going through a mortgage broker is that he/she can search several banks, lending institutions at once, whic you can't do by yourself.
Originally posted by indigo-p
Should he directly go to the bank to apply for mortgage (with 20% down) or should he go through realor/mortgage broker
At the same time, if you have a good and long relation with a particular bank, check with them as well.
It's possible you may be able to get a better rate from them.
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