Quote:
Originally Posted by Wormiez
You also need to consider the history of your credit. They will request to review at least 2-3 years of your previous credit history, T4s... You will need at least 2-3 years history of making 80K+ to be eligible for a 500K+ condo.
Not to mention your monthly fees for the condo, strata fees and utilities cannot equate to more then 45% of your monthly income after tax.
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I think I have decent credit.. no outstanding debts or financing things. I've never paid anything bills late so I think there shouldn't be much on my credit besides having 4 credit cards with ~30k total credit available.
I'm pretty sure all those fees and such would be more than 45% of total. So would having my dad, mom, and/or brother help me co-sign be helpful in any way?
The thing with my income is... I just graduated from university last may and I've been working in the family business since, so I've had income for a long time, but only until recently it became 80k.
I personally bank at TD, so all my savings and everything else is there. However, because my father and all the company stuff is done through BMO, I believe I could get a decent rate from them as well.
Would it help if instead I declare it as an investment property (to collect rent as opposed to living in it myself) to the mortgage specialist?