Hello Branislav, When a bank denies a deal for the 5 year mortgage there is little chance that they will approve a 1 year term. The qualifying income needed for a 1 year term is actually higher than a 5 year term. 5 year mortgages are qualified on the 5 year rate any shorter term is qualified on the bank of Canada rate of 5.19%. If it is a matter of qualifying for the mortgage then the best bet is to look to another lender and ask for an exception to the qualifying ratios. As a Mortgage Agent I can check with the 25 lenders that I deal with to see which Lender will approve the deal if you like. Please let me know if I can help. Contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec." 01:20pm Feb 8, 2011

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I have been working my main full time job for 5 years, but 1 year and 6 months ago i started working a second full time job at the same time, so basically i work monday-friday from 7am-midnight. can this second full time job count as income towards a home mortgage?

Income from many sources, including 2nd jobs and/or alimony, child support, etc, all count towards your income for purchasing a new home. Good luck!

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I'm 34 and will earn between 40-50k this year(doing a job that i'm not overly fond of) and take 1 or 2 classes each semester. i'd like to get a teaching degree which would take me 2-3 years full time to complete. i have 2 small children and a wife who earns more than me as a nurse. i'm afraid that it is going to take so long to complete my degree going part time that i'll just eventually get tired of it and stop. our only debt is our mortgage so i think we're in pretty good shape. looking forward to some input.

At the end of the day you are in a better position YES. If you drag it out you may loose the motivation, it you take the full and complete leap you will have not choice but to go forward. It will be hard and difficult but the prize will be sooo sweet. You will be a much more mature student willing to take on a greater class load than you peer thus bringing to to completion sooner. I do have one bit of advise it will be tough on you and the family. As long as you have the full support and backing of your wife things will go much better. I went back for my MBA two years ago and for 18 months it was class and studying from 8-5, 5-8 for dinner and play (one kid 2yrs) and 8-?? for study. Six days a week, Saturdays were off limits to study. Now I love where I am at, the money coming in is good, and the wife is very happy and I can make her happy. I thank her often for allowing me to do it.

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I am very disappointed with my mortgage company and since i work a part-time job, no one else will aid me in refinancing for a lower interest rate. my mortgage interest rate went up this year by 2% and as i know they will continue to increase every 3-6 months. i went from 7.1% to 9.1%. i been at my part time job for a little over a year. i had plans to sell my home this year but early last year the day my sister passed, i was given a letter from my full time job that i am laid off and they were going to let me know 2 weeks from that date but since i had to take a leave, they gave it to me earlier. have not worked a full time since. can someone please provide some sound information for i am desperate and do not want to lose what has taken me ten years to keep. thanks i live in illinois. so far i only had one company run my credit and they states that i am at 633, he also advise me to mention this to other lenders and i know not to release my soc. sec number. since then i have paid off another bill so my score may be a bit higher.

Hello there, I used to work as a loan officer for a bank. So I understand your concern and I would like to give you a simple advice. Do not give up. You are probably on an adjustable rate that started changing already and it will continue to increase until it reaches the maximum interest allowed under the contract that you signed with your current lender. There are many banks that will approve you even if you have no job. The two key factors in any loan are the credit score and the LTV (loan to value) which means the amount of loan you are taking compared with the value of the house. The better the credit score and the lower the LTV the better deal you will get. My simple advice is to shop around and call as many lenders as possible until you find somebody that will approve you at the proper closing costs and rate. Give the loan officers all the information except your social. You do not want every company to run your credit, that will drop your score. You should only give your social when you feel that the company can help you achieve your goal. I suggest to start with the big names in the business like Ditech, Quick loan funding, Country Wide Loans. You can find all these mortgage companies online. Good luck and if you have any further questions feel free to contact me by email, zs8nt@yahoo.com.

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I am 26, have a good job, make good money, but am married with mortgage and bills. should i quit my full-time job to get through college? i have approx. 1 1/2 years to go. i don't get financial aid, and want to put off student loans as long as possible. but i want to have a career and kids someday- which i won't until i graduate college. but i don't want to starve while i'm getting through school. any suggestions?

"never have so many paid so much for so little" Dennis Prager (a very wise person) He spoke of college. I agree. Do you know how many college grads are working construction? If you have a good job and a good mind, there are few degrees that will teach you anything usefull. Besides, check out Bill Gates' degree. or Steve Jobs', Rush Limbaugh's, and on and on. They are all muti -gazillionaires and no degree. True, big companies want you to have the degree to go up the ladder. If you are in that situation, they most likely have a program that allows you to work full time and will pay for some or all of it (the best of both worlds). I'd jump all over that. Hope this helps, bv

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My fiance and i just signed a sales contract for a house. his credit score is bad; so, i will be the only one on the mortgage. i am trying to get a mortgage loan for $137,180 (house sold price was 144,440 and i put 5% down). the problem is i just graduated last may (2008). i was working part time as a design intern making $10/hour while still in school. after i graduated i got a full time job as a designer and started making $30,000; however, i got a raise in february 2009 to $40,000. my credit score is: fico 762, beacon 750, empirica 756. what are my chances of getting a loan for the amount needed? also, my desired mortgage interest rate is 5%. what are my chances? also, i am the co-signer to my fiance's car ($19,000) and one of his credit card (which has a balance of $2000, credit limit $8,000). he is making all the payments and has proofs of them. will it show up on my files. will that effect anything if i am the only one of the mortgage loan? i was the only one on the sales contract. he's not on the sales contract.

yes all the debts will show up the broker will only give you the mortgage if they feel you alone can make the repayments as you are the only one on the mortgage unless you get a self ccertified mortgage i suggest you meet with a few brokers and discuss it good luck and i hope you and your fiance get that house and are very happy :O)

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I am looking for a job. the only job opportunities in our area are contractor position that lasts only 6 months to 1 year, so i am wondering when applying for a mortgage, does the loan officer distinguish short term vs long term employment? if they do, how much will it affect our ability to get the loan and the interest rate? i took one year off, and now looking again, but i have 8 years of working history as a full time software engineer in various companies. wonder if that will help anything. it seems i should definitely target a full time position at this moment. my husband has a full time job with a good working history. i did too if i didn't take that one year off. :( both of us have excellent credit scores if that help us anything.

I would still go for a loan, as your dh has the work history needed. Generally you need to be self employed (contractor) for 2 years, but you should have one tax return showing your yearly income, you may still be OK.

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I recently completed my associates degree in management. i work in real estate currently and make $75k a year but it's so unreliable and the income is all commission. plus i work every weekend. i have a 7 month old son and my fiance works full time but only makes about $30k/year. between our mortgage and car payments, daycare, utilities, insurance, and 2 small credit cards we pay about $2500/mo in expenses. i want to go back to school for radiography for 2 years but you have to have day availabilty for the clinicals so i would have to quit my job. the closest program is 1.5 hours from where i live so i would also be commuting. i know i could probably get financial aide if i'm not working but am trying to decide if it is worth it to live on student loans for 2 years and have a ton of debt to pay back when i'm done. currently i have 10k in student loans. we have $10,000 in savings and about $2500 in credit card debt. is it worth it? and does anyone know about how much they make starting?

Hi, First, I applaud your bravery. It is amazing how a child can change your perspective and plans. I have two great children and have been modifying my choices for years. You need to talk to people doing the job and those in the program you mentioned. Have you talked to the admission counselor with the program? Are you considering relocation to the area where the program is offered? The commute time and cost will have a great impact on you and the family. In what specialties are you interested? The pay and working conditions vary greatly. On call duty may be a requirement. Finances are a big issue for any adult going back to school. I am stepping into that pool myself. My previous industry of choice has not been kind and a midlife career change is in order. If this is a teaching hospital, there may be positions available for students. Also, this is a growth profession with an increasing median age. That means there may be grants, scholarships or loan forgiveness programs available to you. My wife has been a radiographer for almost 20 years and has had great stability and good pay. She has been in interventional and cardiac cathertization areas. She is a member of ARRT and subscribes to 'Advance' magazine. Check the sites listed below and good luck.

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The house is listed at 88k. i have been out of college for 1 1/2 years. my credit score is around 630 and have been employed with the same company for over a year. my gross income from my full time and part time job is 51k a year. the only blemishes on my credit report are some unpaid medical bills from college. i also have a 14k car loan and student loans. my credit card debt is under a 1k. please help. im tired of renting and would love to purchase this house and gain some equity and make a profit off of it in two years. also, if i have a roommate that pays rent does that help me or am i getting into tax problems with that situation? i did not mean i was going to sale the house in two years. i plan to live in it for awhile. everyone has said to pay off my medical bills but that doesnt increase my credit score. it just says on the record as "paid". once i pay these medical bills they will be activated again and stay on for another 7 years. i have about two more years left before they disappear. am i right?

How do you plan to make a profit on the house in two years? The days of flipping houses are mostly over for now. If you are going to live in the house and rent out a room you could use the extra income to purchase additional properties to rent out. I would try to pay off the medical bills before applying for a loan.

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I am trying to get a mortgage, need approx $200,000, want to get a modular on a full foundation, on our property. my problem is my husband was injured 5 years ago and can not work, since his injury money had been tight, and in order to get by i have racked up about 25,000 in debt, and because i left it get out of hand i fell behind on some bills, i am back on track with all of them, am trying to get one of them caught up, should be good with that way by end of may. i work all the ot i can get and just got a part-time job to get ahead. i really want to do this for my husband, it would bring his spirits up greatly. we moved in with my parents the year he got hurt, well before he got hurt becasue we were planning on out house that year, but then he got injured, so we were only planning on a few months at the most and now it has been almost 5 years. i know if i could get $200,000 to combine it all and have a payment of around $800, i would be good, i just need someone willing to help.

If I am reading this correctly you want to purchase a modular and place it on a foundation that you have an dget extra cash to pay for some other debts you have? In order for you to qualify for a mortgage you must contact a mortgage "Broker" ; They will qualify you for a mortgage based on your income, credit score, the amount of debt that you current have. If your credit score, income and other qualifying items are ok you might be qualified for a 100% loan. In other words the lender will lend you the amount of the property you plan to purchase. You will have to come up with the closing cost in most of these type transactions. In some, they will allow the seller to pay the closing cost, but don't count on it at all. If you have a cool buyer you might be able to make a deal outside of closing that they reimburse your closing cost, but this is an agreement that is made under the table. I can not recommend this, but you may ask. If you don't qualify for a 100% loan find out from you mortgage "Broker" how much loan and what percentage you are qualified for. See how close to 100% that you can qualify for. See if there is some creative financing the broker know of, normally they can get an extra 5-10% from another lender, again this depends on your credit score, income an other qualifying factors. After you have closed on your home or just before closing if you need additional cash you might be able to qualify for an additional loan of what we, in the industry call a 125 which is a loan that equals 125% of the value of your home, causing you to have a 2nd mortgage. You can pay off debts or make an addition or remodel your home with these funds. Your mortgage "Broker" who should be an expert in all loan products would know about the 125 loan, if not search for one that is knowledgable about this type loan. You should get both your loans from the same guy,that way it will save lots of time with credit reports, appraisals, escrow or closing agents as well as all the necessary title work. I hope this has been of some help to you, good luck