Mortgage Approval for $700k-$800k homes

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Mortgage Approval for $700k-$800k homes

Hi everyone,

Just writing to get some advice on buying a home in Fort McMurray. I am currently looking at accepting a job offer in FMM, and am looking on moving from my current job in Ontario.

Essentially I am looking for a detached/semi-detached house with 2-3 bedrooms and a 1-2 bedroom basement that I can rent out. We are a family of three, and we are looking in the Timberlea due to close proximity to schools/daycares, etc. I will be the only parent working.

When mortgage affordability is calculated, do they consider the monthly housing assistance that is offered by the larger energy companies as income? Or is it something that they credit as being applied directly to the mortgage? Also do they look at income over the past few years or the current income?

Any other additional advice? Areas in Fort McMurray to consider?

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Re: Mortgage Approval for $700k-$800k homes

Unread postby mcmurrian » Sun Dec 16, 2012 11:06 am

If you are planning to spend 700-800k it would be a better idea to go talk to a mortgage broker.

Check out this thread real-estate/what-the-best-area-fort-mcmurray-t291.html where people discuss which area they like.
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Re: Mortgage Approval for $700k-$800k homes

Unread postby Chickpea » Tue Dec 18, 2012 7:15 am

I had to bring in my last two years of tax papers to show them my taxable income on line such and such.
I would not have gotten approval without including my work bonuses which show on my taxes not my pay stubs. I went for a more affordable rowhouse.
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