Obtaining a Mortage?

Question

I recently emailed a few brokers and they said its doubtful and Im sure it is but one keeps insisting he can (provided by what i emailed him). Or he keeps telling me to call to discuss it..

In my opinon who the HELL would give me a mortgage..

I moved to Edmonton Last August , worked august september october november at a Construction Company making about 5 g's net a month.. (Seasonal)

Worked some dumb jobs over winter and took a month off, then I just started back up on Construction last month and now im making about 5500 NET a month..

I have not enough credit to even get a credit card..I have bills , Rent, Insurance, Cable/Internet, Cell phone, etc all PAID FULL on time for the last 6 months,  So if that counts...

Before that I had a cell phone for 3 years always paid on time..

Anyways , doubtful? Im only 20 come August!

Susan Gozali · Answer

Hey Andrew,

It actually depends on how much money you would borrow on your mortgage, i.e. what price range of house you're looking at.

I am a mortgage broker in Vancouver BC. Email me your contact info (visit my website for my email), and I'll give you a call back ASAP. I can help you to get pre-approved first, so that you would know what kind of price you should be looking for when you shop around for your house.

Looking forward to talking to you!

-Susan Gozali-

Afsheen Akbar · Answer

Hi,
Can anyone shed some light on what "Flipping a contract" is? Is that something usually done just in Canada (I am assuing that because of most of the post r for Canad in this thread) or in US too. 
Thanks
AA

Matt H · Answer

You can flip a contract for whatever % you want. I've seen as high as 5% for very good deals. I guess it all depends on how desperate you are to flip the paper, how much interest there is in your deal, and how good of a deal you really have tied up. Like if you can prove that your contract could net the investor six figures then definitely charge 5% but if the numbers are tight already then you might want to just dump it at 2%. Here in Alberta commerical realtors make 3% on commerical deals. That's why 3% is sort of the norm around here.

Matt H · Answer

Andrew....Hey buddy, some lenders lend based on what's called "stated income". Others lend on "full disclosure". There two different things. Stated income is just your word that you earn X dollars. And usually you don't have to provide any documentation. All you have to do is sign. The lenders security is your property. Other lenders require full disclosure. That means that want to see documented proof of your earnings among other things. Call this guy his name is Morris at: 405-0514. He might be able to help you. Maybe call him and tell him that you're going to be buying a property and you want to discuss if your current work history will qualify you with a lender. Alternatively you could try wholesaling as you mentioned in the other post. Tie up a good rental property, bring it to the ERPIA meeting which happens once a month and try to flip the paper there. Google: ERPIA  Edmonton for times. Also my other friend has a meeting as well that about 20 people show up for which happens once a month. Trust me, even just the process of finding a property and tighing it up will teach you a lot. Even if you let it go in the end. And again you have nothing to lose as if you let the condition period laps for any reason then you'll just end up getting your deposit money back. But the upside could be huge if you could flip that paper for say 3% at a meeting.