Royal Spa

Mortgage Broker + GPS

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SJ1001

New member
Sep 2, 2007
173
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Hamilton
Hi all,
I found my dream house, but I am having trouble getting a mortgage because my only proof of income is cash deposits to my chequing account. I have 10% of the cost of the house in savings, but I`d like to consolidate my student loans at the same time. I am looking for a mortgage broker who is ok with my employment and (obviously) will be discrete about my personal information. Kind of in a rush, since the house might sell fast.

On a completely separate note, I also need a handheld GPS unit, hopefully for around $100.
Hope you can help!
--Nikki
 
2

21pro

Crotch Sniffer
Oct 22, 2003
7,830
1
0
Caledon East
save up until you got above 20%... you should be doing that anyways...

put in an offer on the property to tie it up before you lose it. have a generous offer price but a lengthy closing date (May 31st).... it will give you time to save up the extra 10% you'll need. and if they don't go for the lengthy close, they'll most likely reply your offer with a true idea of when they 'need' to close on...
 
C

C Dick

Banned
Feb 2, 2002
4,217
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Ontario
If the vendor has money, see if they will do a vendor take-back, where the vendor offers the mortgage. I have used them twice, with great results. In each case they gave me 90% and did not care about credit, because it did not bother them to have the risk of getting the property back. The interest rates were a little higher than bank rates, comparable to a sub-prime broker, so a considerably higher yield for them than a bank, with minimal risk.
 
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SJ1001

New member
Sep 2, 2007
173
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0
Hamilton
Maybe I should give them my tax assessment... I thought it might be damaging, since I`ve only had this income level since Sept., but maybe it will balance out some of the risk.. If I can get a late closing date, then I would have time to file taxes while I save more money...
 
S

SJ1001

New member
Sep 2, 2007
173
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0
Hamilton
Thanks for the idea. It will reflect a fairly low income, but I think my bank can write a letter for them about my recent deposits. I will tell my agent all these suggestions and see what she can work out.
 
F

fuji

Banned
Jan 31, 2005
80,011
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is.gd
Be sure you pay tax on all those deposits that you use to justify the house price purchase. CRA may become interested in how you can afford it too.
 
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papasmerf

New member
Oct 22, 2002
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42.55.65N 78.43.73W
Self employment means issues.........in the US we have the IRS 1099 as well as other reporting forms..........I would venture to say Canada has similar forms. As a self-employed person you goal up to this point has been to show as little income as possible..yet this is not what banks want to see...........the avoidance of tax will haunt you when it comes to loans


Asfor the GPS get off your ass and shop.
 
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papasmerf

New member
Oct 22, 2002
26,531
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42.55.65N 78.43.73W
SJ1001 said:
Hahaha... Oh god I hate shopping!
Click to expand...
and I hate greens but they keep me regular
 
M

MRHARDY

New member
Dec 11, 2007
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Hi all,
I found my dream house, but I am having trouble getting a mortgage because my only proof of income is cash deposits to my chequing account. I have 10% of the cost of the house in savings, but I`d like to consolidate my student loans at the same time. I am looking for a mortgage broker who is ok with my employment and (obviously) will be discrete about my personal information. Kind of in a rush, since the house might sell fast.

On a completely separate note, I also need a handheld GPS unit, hopefully for around $100.
Hope you can help!
--Nikki







Canada Mortgage Company 416-762-7204 excellent company to meet your needs.
 
T

trisket

New member
Apr 21, 2007
820
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0
You might talk to your real estate agent about your situation, they might know a few people who want to silently invest in good properties. You'll pay a higher rate but they won't need to know your circumstances.
 
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trisket

New member
Apr 21, 2007
820
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0
It depends on individual circumstances but all adult entertainers should consider going legitimate and paying taxes, if only for the massive number of expense write-offs and borrowing benefits they'd be entitled to.
A good accountant could really open some eyes with how you can do it legally, no need to be a criminal mastermind.
 
C

canucklehead

Active member
Oct 16, 2003
2,423
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When i was younger and worked in a cash based business and was buying a home..... i found the magic number of 30 % down was the ...... " we don't care where u get your money from" line for banks.
 
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infernis

New member
May 22, 2007
144
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0
Getting a mortgage should not be the problem, its dealing with the tax part that comes after...

Dream house and no proof of income, = Audit Target...
 
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