# Does my spouse qualify for a mortgage?



## snowhite (Sep 28, 2012)

Hi Everyone,

I am wondering if I can get some mortgage advise help here. I am not sure if I am in the right place but appreciate directions.


My spouse has a credit score of 716 and a monthly income of ~$4k from a part-time job and an owned business. The credit report for one of the credit cards was first reported 3 years ago, for another 2 years ago, and for another 1 year ago. 

Only one of the cards has been used continuously. Spouse has $40k cash in business owned bank account (sole proprietor) and $15k in another bank account from part-time job.

There are no outstanding debt and all credit cards are $0 balance. 

I would like to get some advise before going to a broker who will run the credit with so many banks and might do damage. Is this credit good for obtaining $260k-$300k mortgage? Should it be relatively easy to get mortgage?

Thanks,


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## Square Root (Jan 30, 2010)

This site is becoming a real place to ask basic q's for the inexperienced who haven't done their work and don't have much to add in subsequent discussion. Getting a little tedious.


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## crazyjackcsa (Aug 8, 2010)

Ask a bank.


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## Spudd (Oct 11, 2011)

Go to any bank's website and use their "how much house can I afford" calculator with the numbers you have provided.


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## MoneyGal (Apr 24, 2009)

snowhite said:


> I would like to get some advise before going to a broker *who will run the credit with so many banks *and might do damage. Is this credit good for obtaining $260k-$300k mortgage? Should it be relatively easy to get mortgage?
> 
> Thanks,


It's one credit check, not multiple checks; and a broker should be able to give you a sense of whether your spouse qualifies without running a check.


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## Four Pillars (Apr 5, 2009)

Square Root said:


> This site is becoming a real place to ask basic q's for the inexperienced who haven't done their work and don't have much to add in subsequent discussion. Getting a little tedious.



I've had this problem on my blog where someone will ask a question on a post about XX and it's clear they didn't even read the post. They just want an easy answer.

Questions like this are made to be ignored.


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## MoneyGal (Apr 24, 2009)

The questions I like are the ones which say, "I want all this specialized information on trusts. I read all the threads but they didn't answer my questions." Except I went back, read the most recent thread on in-trust accounts (from 2 weeks ago), and the answer to the question was in, like, the third or fourth post or something.


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## Square Root (Jan 30, 2010)

Yes. i agree we should ignore them but also find a way, perhaps, to discourage them. Little chance the one post wonders will read the "read before you post" sticky though.


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## Four Pillars (Apr 5, 2009)

Square Root said:


> Yes. i agree we should ignore them but also find a way, perhaps, to discourage them. Little chance the one post wonders will read the "read before you post" sticky though.


The funny things is that most of them won't even read any responses. They tend to ask their (homework) question all over the place and usually there will be some sap who answers them via email and their quest is done.


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## Square Root (Jan 30, 2010)

Four Pillars said:


> The funny things is that most of them won't even read any responses. They tend to ask their (homework) question all over the place and usually there will be some sap who answers them via email and their quest is done.


Agree. I think they don't respond to the answers because they forget they asked the question or can't find the site again.


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## snowhite (Sep 28, 2012)

I assume there are no mortgage brokers here or none of you who responded are experienced enough to talk on the subject.

Surprisingly, it seems that there is a high number of "unemployed?", or "older talkative type?" people on the forum based on the lengthy responses that have nothing to do with the subject. 

I am fine with that and as I mentioned in the first line I am not sure if this is a group that can advise with such subject or not but it seems people don't read :tongue-new:


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## Four Pillars (Apr 5, 2009)

snowhite said:


> I assume there are no mortgage brokers here or none of you who responded are experienced enough to talk on the subject.


Like I said - they usually don't even read the responses. Way to prove my point, snowmoron.


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## crazyjackcsa (Aug 8, 2010)

I'll play along, In the hopes that you become a long term asset to the forum. Short answer is probably not. Banks will see part time job+ business owner, little downpayment and won't approve a mortgage that size. She might be able to swing somewhere around $200,000.

One thing that is odd is your wording. Why would your spouse need to qualify, and not you to? Unemployed? Terrible credit? Ex-con? Not a citizen of the country? Looking for material for your own blog?


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## Sampson (Apr 3, 2009)

Oh come on...

you guys are all being sour-pusses. It's the internet, it's a forum. You can choose to read or not read, post or not post.

Weren't we always told that there are no bad questions? I can understand that apparent laziness rubs some the wrong way, just skip over and let the OP ask without doing additional homework.


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## Toronto.gal (Jan 8, 2010)

snowhite said:


> Surprisingly, it seems that there is a *high number of "unemployed?", or "older talkative type?"*


You joined the forum just a minute ago, I mean a day ago, and already making so many negative assumptions about a 'high number' of members here? :rolleyes2: [unless by 'unemployed', you meant self-employed or retired, and by 'talkative', you meant friendly/helpful?].

Actually, people from every age/walk of life participate here, including millionaires, but it will take you more than a day to figure that out.


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## Charlie (May 20, 2011)

The ingdirect.ca website gives a pretty good guideline. On $50K annual income it calculates about $200K. If you *really* want to spark a debate, ask us if we think you should be considering a $300K mortgage given the info you've noted .

Welcome aboard, Snowhite....but this is a community of sorts. Sometimes we're Grumpy. Or Sleepy, Happy, Bashful, Sneezy or Dopey. You can't just barge in and expect to be taken care of instantly. You don't necessarily have to cook, clean, sew and tidy up. But a bit o' research to your questions would be appreciated....Sorry for the rough welcome. If you participate you'll find we're a good and helpful group.


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## Homerhomer (Oct 18, 2010)

There are number of mortgage brokers posting on this forum:
http://forums.redflagdeals.com/official-mortgage-rates-thread-351105/1164/#post15453481


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## marina628 (Dec 14, 2010)

They will need at least 2 years business returns and will average the last 2 year tax returns for income .Fico score is good and many banks have how much can I afford calculators.Assuming no debt on $48,000 a year income with $15,000 down she qualifies for a $210,000 mortgage.http://www.tdcanadatrust.com/HMCIA/index.jsp Have fun and play with the numbers yourself.
As a self employed person the income verification(minimum of 2 years filing) and down payment is the most important criteria.I know people who are just out of bankruptcy who have qualified for a mortgage just because they had 20% down .


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## blin10 (Jun 27, 2011)

I agree, it's as bad as a guy telling everyone to stop quoting on this forum or a spelling police... don't want to answer, don't read the topic, jeeez



Sampson said:


> Oh come on...
> 
> you guys are all being sour-pusses. It's the internet, it's a forum. You can choose to read or not read, post or not post.
> 
> Weren't we always told that there are no bad questions? I can understand that apparent laziness rubs some the wrong way, just skip over and let the OP ask without doing additional homework.


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## Sampson (Apr 3, 2009)

Nice blin, you have the reverse quote going on.


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## Homerhomer (Oct 18, 2010)

What pisses me off personally is when you help someone, take time to respond and inform, provide links and the person doesn't even have enough courtesy to say what appears to be a very little known couple of words "thank you".

Although it happens so often I am getting used to it by now.


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## dougbos (Jun 4, 2012)

snowhite said:


> Hi Everyone,
> 
> I am wondering if I can get some mortgage advise help here. I am not sure if I am in the right place but appreciate directions.
> 
> ...


To clarify a point. A mortgage agent does one credit check. That is used to send an application to a potential lender. If that lender says no, it will be send to another but the credit bureau only records the one check by the agent.


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## marina628 (Dec 14, 2010)

I am no legal expert but there may be some reasons you should consult a lawyer before doing this.Most banks will insist on mortgage insurance if one spouse if left off the deal .I think I have experienced most situations in my 20 years of RE Investing but we always purchase homes together ,there are different rules if this is your primary residence or an investment property.You need to look at full picture and tax implications if the home owner dies etc.Not every situation will be black and white.


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## Toronto.gal (Jan 8, 2010)

Homerhomer said:


> What pisses me off personally is when you help someone, take time to respond and inform, provide links and the person doesn't even have enough courtesy to say what appears to be a very little known couple of words "thank you".
> 
> Although it happens so often I am getting used to it by now.


If you bothered to take the time to help someone, whose impression of you [us in plural, b4 u replied], was that you were an 'unemployed' blabber, what else would you have expected?


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## Homerhomer (Oct 18, 2010)

Toronto.gal said:


> If you bothered to take the time to help someone, whose impression of you [us in plural, b4 u replied], was that you were an 'unemployed' blabber, what else would you have expected?


My statement was more general and not just addressed to OP, however in this case some of the posts and responses to the initial question were like a cat pissed in everyone's cereal, is it OP fault that there were 50 other questions from new members posted in the last few weeks which would have been easily answered with a minimal amount of effort (like google or call the bank)? However she happened to be the one who got all the snippy replies, how would you feel joining a new forum and this would be all you got? How is she suppose to know that most poeple who posted here are actually quite nice and helpfull, just not in this instance?


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## Toronto.gal (Jan 8, 2010)

I agree that a bit more tolerance should be exercised with newbies, however, if he signed up just to get a question answered fast, IMHO, he should have ignored some of the comments rather than become rude/critical at his 2nd post.


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## Square Root (Jan 30, 2010)

Toronto.gal said:


> I agree that a bit more tolerance should be exercised with newbies, however, if he signed up just to get a question answered fast, IMHO, he should have ignored some of the comments rather than become rude/critical at his 2nd post.


Yes more tolerance is always good. A newbie who starts off by introducing themselves, saying hello, maybe giving some indication he has an interest in matters of a general financial nature, maybe sets out some general issues or goals, and seems like (s)he intends to paticipate in the future, gets lots of tolerance from me. Unfortunately, these have been relatively rare recently.


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## Young&Ambitious (Aug 11, 2010)

Square Root said:


> Unfortunately, these have been relatively rare recently.


There is doing your own research, and then there's getting others to do it for you. "Gimme gimme gimme" says a lazy person and yes there have been a number of such recently.


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## Causalien (Apr 4, 2009)

Don't think credit checks affect your credit score. If it does, it is minimal. This is according to what my friend working at the bank says. What the bank sees is your entire credit history and your usage pattern. Your 3 credit cards only makes a difference if you max them out and just transfer balances between them to delay the day of reckoning.

Back to the real question. No, I don't think you'll get a mortgage. But didn't your SO pay him/herself with a paycheck from the company? If so, there shouldn't be a problem.


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