The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Andrea_R on January 01, 2015, 04:39:39 AM

Title: Is there any chance of getting that loan?
Post by: Andrea_R on January 01, 2015, 04:39:39 AM

I co-own a house with my ex-husband which is worth $370,000. We don’t have any mortgage at present on this house. I am thinking of getting a $250 mortgage in order to buy that house from him. My Credit Score is 820. I have taken 3 mortgages from a mortgage company called Butler Mortgage in Toronto and have repaid it without any dues. I had worked as a government employee for 5 years but I quieted my job after marriage. Now I unemployed and my only source of income would be the rent I expect to get from that house. I am trying for a new job but am I eligible for a mortgage when I am unemployed? If I approach that mortgage firm, (which I have earlier taken 3 loans) is there any chance that they would give me the loan considering my credit history?

Title: Re: Is there any chance of getting that loan?
Post by: tracylayton on January 01, 2015, 08:27:54 AM

I don't believe they will give you a mortgage without some source of income, besides anticipated rent. I am not sure if things are different in Canada, but I'm pretty sure it wouldn't fly in the U.S.