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Brampton33 · #1 07-23-2022, 11:29 AM

Hi All....ex got the house in the divorce and I had to rebuild. After renting for a few years, I think I may be able to purchase a house again soon. However, its a little different with one income....where I may need a co-signer.

However, at my age, I am not in a position to burden my elderly parents with this task, and don't have friends/siblings who I would fathom asking. What could you do if you need a co-signer but cannot find one? Thanks.

respondent · #2 07-23-2022, 04:19 PM

Without knowing your numbers it is hard to say, but in general:
1. Check for how much you could be approved from top 5 banks. Call few banks, just make sure they don't hit your credit score.
2. If banks willing to lend you $X, and you need $5*X, then forget it. If however you need 1.2*X, there is a chance, and in this case calling mortgage broker is an option.
Try to avoid mortgage brokers that inflate your income. You do need clean mortgage, i.e. don't mislead the bank.
3. As an option you can get secondary mortgage from private lender, but typically it ain't worth it, unless you are in construction business etc. and need the money only for short period of time to flip the house.

iona6656 · #3 07-27-2022, 01:44 PM

Quote:

Originally Posted by Brampton33

. What could you do if you need a co-signer but cannot find one? Thanks.

Um, not buy the house? buy a condo instead. Rent. If you can't qualify for a mortgage on your own- then there's probably a good chance you can't carry household expenses on your own. It sucks. The housing market is insane.

Also- as a single income household- I wouldn't be buying a house right now with interest rates rising as fast as they are- but the housing prices not adjusting as quickly. At least not in the GTA- I would be looking at smaller centres. But I get with kids- it's hard to do that.

You might just be stuck renting.

Brampton33 · #4 07-28-2022, 09:20 AM

Quote:

Originally Posted by iona6656

Um, not buy the house? buy a condo instead. Rent. If you can't qualify for a mortgage on your own- then there's probably a good chance you can't carry household expenses on your own. It sucks. The housing market is insane.

Also- as a single income household- I wouldn't be buying a house right now with interest rates rising as fast as they are- but the housing prices not adjusting as quickly. At least not in the GTA- I would be looking at smaller centres. But I get with kids- it's hard to do that.

You might just be stuck renting.

Thanks for the response. I would be looking outside the GTA. It is nice to see "For Sale" signs not disappear after 2 days. But what needs to happen is for sellers to get out of the "hysteria" mindframe where they still think their houses are worth the inflated value given over past 3 years. It needs to come back to reality.

Renting would suck, because I make a good salary. The issue with me is that my credit score took a hit in the divorce. The credit hit is now stricken from my file, but I still need to "rebuild" a good score over time. Other than the "credit score issue", my salary is suffice to meet financial obligations of ownership. My friend told me to find a real estate broker who can bend the info. They want my business afterall, right?

rockscan · #5 07-28-2022, 10:08 AM

I used a mortgage broker and it was better than my bank. Just be wary of the contract and when you can pay out. I bought my place and then sold it three years later. Had to pay a fee as it was less than the five years they put on for resale.

blinkandimgone · #6 07-29-2022, 08:19 AM

Quote:

Originally Posted by Brampton33

Hi All....ex got the house in the divorce and I had to rebuild. After renting for a few years, I think I may be able to purchase a house again soon. However, its a little different with one income....where I may need a co-signer.

However, at my age, I am not in a position to burden my elderly parents with this task, and don't have friends/siblings who I would fathom asking. What could you do if you need a co-signer but cannot find one? Thanks.

Agreed on using a broker. Find one that will take a look at every aspect of your financial situation, and advise you of what you need to do to get closer to being able to buy a home on your own and is willing to work their butt off to help make that happen.

I am happy to refer the person I used, I was in a very similar and difficult situation and he worked very hard to help me get where I needed to be. Feel free to pm if you are interested.

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