Is it possible to get a mortgage without a stable income?
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  1. Is it possible to get a mortgage without a stable income?

    Hi,

    I am a self-employed person. I am planning to buy a home. Actually, I donít have a stable monthly income from my business as it is a seasonal one. So, I am planning to take a mortgage now. But, I doubt whether the instability of my income would prevent me from getting a mortgage.

    In my search I came to know about a some of the mortgage brokers in Toronto and the income verification process required when applying for a mortgage. But, still I am confused whether I am eligible for a mortgage. So, please help me to face this situation, by sharing your suggestions. Thank you.



  2. No. Depending on where you live. Your sort of fucked. I met some girls in Canada. They were telling me about laws that are coming into place in the new year. Basically, interest rates are sky rocketing, and banks are charging you at a absurd interest rate. So, buying a 300,000 home will look like you are purchasing a 600,000 home. Not sure what home you can buy in Toronto for that sort of money. You couple this with lacking stable income? lol good luck. I have a wing in the GTA I met on vaca. He makes 80k a year and they were fighting with for a 325,000$ only because he its single income. If he was married or with a gf, banks are lenient more so. As in, dual income at 40K > 80k single income. Its fucked. Our generation god screwed. You can of course always come to America and buy a bigger house for a fraction of that price in buffalo or Detroit lol

    My advice would be to acquire a day job or decent paying job part time + biz. I want to do something similar as you. The difference being, I want my biz, and then, remain on a employee list even if casual. That way, if shit hits the fan, I can always pay my mortgage, rent out my basement or sell. I sort of wish I sold during the housing market craze, sat on 100,000s of dollars, and when, interest rates sky rocket, foreclosures kick off, I jump on a home relatively cheap.

    I cringe at the fact, my parents bought the same size house as me only paying a quarter of what I had to pay. Think about that.

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