Hi. It was a while since you posted about buying a house.
Child Care Benefit counts as income.
CS and SS count as income or payments.
Pay off the SS so it comes off the mortgage calculations, I did and it worked.
Try Nesto.ca
I worked with Tamie and she was amazing. Prime -1.15 or -1.05
Mortgage brokers WILL take advantage of you. So will the banks.
Your credit wont take a hit with multiple lenders.
I had nesto and they came back with a fixed mortgage when I wanted variable.
I went to TD and told them what nesto did and that I really needed a mortgage for a house bought already.
They tried to gouge me at 6.88 percent (nesto was 6.10)
The TD had me paying the same mortgage amount each month but for 5 more years $150K!!!!
I let nesto sit for a week and then they came back to me with the variable I wanted with the lower downpayment amount that I needed and had asked for before.
Once you are approved. Go and buy a house without the condition of a mortgage. It makes a huge difference.
Do not get involved in bidding. Put your offer in before the "holding offers" day and expire it before that date.
You cannot compete. Don't be intimidated to not put a "home inspection" clause in. you can always make an offer with out it later but be sure because you can't afford surprises.
You can also self-rep instead of using a buying agent. They are not worth it.
The seller agent will have you fill out an orea 100 form, ask them what they want you to use for the offer.
You are not allowed to receive the commission BUT
You can have an agent pay you back 1%-2% OR have the seller adjust the contract so that they only pay 2.5 commission.
I found the agents were weasels. Read your agent contract carefully, they have 2 hooks into you if you signed.
good luck.
