I am frustrated with renting and i know i do not have a large down payment right now , where do i start to see if i even qualify for a loan

I have a client who my Mortgage Expert was able to help in a similar situation as yours. She has advice on what your options are depending on your situation. People are able to get financing in unique situations like yours that is reasonable but its on a case by case basis. Given your circumstances, she will be able to advise if it's worth it. Please contact me (416) 556-0238 and I can refer you to her.

If you do not have a large down payment (most times 5% is the min) you'll need a mortgage

The question then becomes "How much of a mortgage can I afford?

A quick calculation (assuming you have good credit and the 5% down):

Take your Gross (ie pre-tax) Annual Family Income

Divide it by 40

Answer is the monthly payment you can carry including 1/12 annual taxes and est. monthly heat.

So from that number, subtract an allowance for 1/12 taxes & heat
(see eg at end)

Divide new answer by 5.25

= the # of thousands you can likely qualify to carry at 4% interest 25yr ammortization

EG

$90,000yr /40

=$2250/mth

less 300/mth (annual 3600 taxes)

less 200/mth (est.monthly heat)

=1750

div by 5.25 (factor per thousand at ~4% on a 25 yr ammm.plan)

= 333

You should be qualified for ~$333,000 mortgage

add your down payment to that
NB also allow about 1%-1.25% of the Purchase Price as closing costs - much less if you (and spouse, if any) are first-time buyers (you'll need to prove it)

Go to www.mohanramphal.com ,click on mortgage rates and follow the link to online application.
Thanks

You don't need large downpayment to buy a condo or co-op unit. Please contact me and I'll give you some options.

You can go to your Bank, you're dealing with, or ask a Mortgage Broker, or your local Realtor.

If you send me your e-mail I will ask you a few questions to better guide you.

Lina Castro, The Broker & Realtor that you Trust,
ADRESZ R.I. 514 636 2981
email: linacastrosells@hotmail.com

Referrals and Relocations to Montreal and Surrounding Cities, QC are welcome!

I recommend that you contact a mortgage broker at the bank you deal with. They will be able to inform you of the information you are looking for. In most cases they will also guide you through the process. If you currently are not working with a Realtor, I can refer you to a good friend of mine. She specializes in first time home buyers within that area. I hope this helps!

Donna Porrelli
Sales Representative
Coldwell Banker Terrequity Realty
416.366.8800

Despite perhaps having the ability to to get approved for a mortgage, if you have a really low downpayment you might run some risks. If you put down 5% or less for example, what happens in the future if your house value drops by 5% or more? You will owe more than your house is worth. Similar to what's happened in the States with so many people being upside down on their morgage. You'll loose all the equity you had in your home. Sometimes, it might be best not to purchase a home right away, but find ways to save a larger downpayment so you can then feel more confident in the equity of your home.

Call Brad Vokins from Royal Bank, he is a mobile mortgage specialist that works the Durham region area, he can be reached directly at 289.385.0406