02-13-2004, 11:53 PM
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So Fucking Banned
Join Date: Nov 2003
Location: MidWest
Posts: 3,471
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Quote:
Originally posted by wyldblyss
Brad, In Canada things get a little more complicated. Here, in order to put down only 5% you have to first get approved with...forget the name...but it is a mortgage insurance fund (like a gov't department or something). If they approve you, you can get a loan at banks etc. with only 5% down. If they don't then you have to put at least 25% down and go with a company that will deal with you without the mortgage insurance..and that means no banks etc.
The insurance doesn't appear to like on-line business income very much and your "self-employed" income has to go back at least 3 years with income tax so they can check on your income.
Some of the companies that do deal in mortgages without the insurance require even more than 10% down, and won't cover your entire mortgage, so you end up with a second mortgage, and both are usually at higher interest rates than a standard bank loan.
Hopefully you qualify for the mortgage insurancce which greatly increases your choices of lending institutions and interest rates. Although we had several companies that would give us a mortgage no problem, the mortgage insurance would not approve us so those companies, as much as they wanted to couldn't lend us the money and we had to get it elsewhere.
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Think this guy has the best reply.. |
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