Hey everyone
I am a currently a student with no full time job ( I have had several odd jobs here and there but my mom supports me for the most part). I wonder, what sort of obstacles I will face when applying for a mortgage. My verifiable income is pretty much negligible I assume. I have no credit card debt or other lines of credit open however and no existing mortgages.
What will the bank think when they see my debt service limit and gross debt service ratio are both zero essentially. Will I be eligible for some sort of rental offset policy if I produce a portfolio highlighting positive cash flow? I don't imagine this will be an easy obstacle to clear and I am in the position where I have done my research on particular areas and am ready to pinpoint properties that fall within a reasonable cash flow zone and conduct my due diligence. I understand it may be too soon to be thinking of a banker but this is a problem that I need to solve sooner rather than later. Any help is appreciated. Also recommendations regarding a mortgage broker within the Nanaimo/BC area is welcomed
I am a currently a student with no full time job ( I have had several odd jobs here and there but my mom supports me for the most part). I wonder, what sort of obstacles I will face when applying for a mortgage. My verifiable income is pretty much negligible I assume. I have no credit card debt or other lines of credit open however and no existing mortgages.
What will the bank think when they see my debt service limit and gross debt service ratio are both zero essentially. Will I be eligible for some sort of rental offset policy if I produce a portfolio highlighting positive cash flow? I don't imagine this will be an easy obstacle to clear and I am in the position where I have done my research on particular areas and am ready to pinpoint properties that fall within a reasonable cash flow zone and conduct my due diligence. I understand it may be too soon to be thinking of a banker but this is a problem that I need to solve sooner rather than later. Any help is appreciated. Also recommendations regarding a mortgage broker within the Nanaimo/BC area is welcomed