1
vote
1answer
101 views

European vs. American mortgage underwriting with regards to the health of the borrower

Whenever I hear about a European mortgage application process, there are always health records involved. They want to know that the borrower is likely to outlive the mortgage (or most of it, I guess). ...
3
votes
2answers
126 views

Is credit history more important than amount of savings when applying for a mortgage?

I am currently in Australia and fixing to buy a house here. What is given more value when I apply for a mortgage to buy a unit in an apartment: a sound credit history, or a lot of savings in the bank ...
1
vote
2answers
562 views

Buy To Let Mortgage For Relative - Tax Implications - UK

My sister is just coming out the other end of a messy and protracted divorce. She has 3 children and despite many legal actions there's pretty much no hope of getting any support from the ex-husband. ...
4
votes
3answers
201 views

Does the back-end ratio for mortgage affordability include credit card debt if a balance isn't carried on the card?

In the calculation of the back-end ratio (total debt to income), you're supposed to include all debt obligations (e.g., credit card, car payments, student loans, alimony, etc.). However, I haven't ...
2
votes
1answer
429 views

Should I finance a car to build credit for a mortgage next year?

I'm hoping to purchase my first home next year, but I'm having trouble deciding on the best way to raise my credit score. Here is a summary of my current situation: Credit Score Estimates (via ...
3
votes
1answer
321 views

How do I qualify for a mortgage (refinancing) after I retire and no longer have a paycheck?

I've just retired and wish to refinance my mortgage. However, when I spoke with my bank, they said that since I no longer have a consistent paycheck I dont qualify under their rules for a refinance. ...
3
votes
3answers
157 views

Is it worth trying to find a better minimum down payment for a first time home buyer?

I talked to the mortgage agent at my current bank, and they gave me a pre-approval with a particular interest rate and minimum down payment percentage. I am happy with the interest rate, but the ...
8
votes
3answers
281 views

Should I dip into an emergency fund to cover expenses for a rental property or only use it to make emergency repairs, improvements, etc.?

My wife and I are looking to purchase a home in the near future. With this in mind I am curious about how we should now look at our emergency fund situation. The general guideline you will see is ...
4
votes
1answer
156 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
8
votes
2answers
634 views

To buy a house, is a 20% down-payment required for a mortgage?

My wife and I want to buy a house. The price is well within our means. The mortgage payment would be less than 25% of our gross income and we have no other debt, so we're comfortable with the payment. ...
4
votes
3answers
147 views

Average Mortgage Rate vs What I would get

So average mortgage rates are lower and lower. I.e. X-year mortgage rates are 4%. Lets assume I have a greater than average credit score and credit history, greater than average net worth, greater ...
3
votes
1answer
432 views

Can a mortgage broker issue a mortgage commitment letter?

I have applied for a mortgage from a mortgage broker and he recently gave me a loan commitment letter. But there is no mention of the lender or the underwriter. I have some doubts regarding this are ...
4
votes
2answers
1k views

How to reduce mortgage rate with low income but high assets

I would like to achieve a lower mortgage interest rate than our current 5.75 percent 30 year fixed mortgage with Chase on our primary residence. Our situation is a little unusual, making it difficult ...
2
votes
1answer
140 views

What impact does the new mortgage rules have on CMHC policies? [Canada]

With reference to this question, how does this affect the Canadian Home and Mortgage Corporation (CMHC)? This organization made it possible to get a new home with as little as 5% downpayment, ...
2
votes
1answer
459 views

Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada. Why were new rules introduced? What are the new rules being introduced, vs. ...