What kind of mortgage financing options would someone like me have?

[jayd]

Hello, I just recently became a new rein member, and have also just recently returned to Canada after a 2 year absense working abroad in Central America. I essentially emigrated out of Canada officially and just now returned as a new resident.



So I am in the process of re-establishing myself, getting a new bank account, credit card, etc. I did have excellent credit when I left Canada. I am currently unemployed as I just arrived here 2 weeks ago. I would love to be able to just do Real estate investing. I have savings of about $50K, so I'd like to start by buying my first investment property in Canada.



My concern is that I probably won't get mortgage approval because I am not officially employed or am getting income right now. Do the banks look at it differently if it is an investment rental property, so my income won't be necessary for the mortgage approval? What are my chances?



Or my other option is to wait until I do get new employment and then try to buy my first invesment property, since at that time I can show my income, and mortgage woudn't be difficult to get. The job market is a little tough right now in Toronto, which why I was wondering if I should wait, as that wait could be long.



Any advice?



Thank you.

 

[Thomas Beyer]

[quote user=jayd]What are my chances?




It will be very hard to get a mortgage with no income, or it will be very expensive.



It will be much easier to get a mortgage once you have a job with a steady stream of income.



[quote user=jayd]The job market is a little tough right now in Toronto, which why I was wondering if I should wait, as that wait could be long.


What's the rush to get an investment property ? Why not work on a job first .. then maybe a property you will live in and do not pay taxes on on exit ? Why not buy a house with a basement suite you can rent ?



Go west young man, go west .. where the jobs are.

 

[jayd]

Thank you Thomas. That is great advice. I will definitely keep looking.