Yes, you do have to qualify because the bank must approve the new purchase and accept to transfer the mortgage to the new property. There might quite a few reasons why mortgage porting can be rejected in your case.

Hello Francina, Whenever you are making any changes to the amount of mortgage or the property the mortgage is attached to a full application must be submitted to the Lenders. If you were just at the end of your mortgage term and all you had to do is renew no application is needed. That being said is there any concerns that you have about being re-approved? If you like I am available to discuss any specific questions you may have and give you the various options available in the mortgage marketplace. A good place to start is your bank of course, but if they are not able to help give me a call. This goes for any reader who has questions. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

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My husband and i make $25.50 (add together) an hour so our income is about $4000 a months. we are planning to buy a house which cost $132,000. do you think we qualify for a mortgage according to our income? we talk to the lender if we qualify, we only get to pay $800-$900 a month. my uncle buy a house for $130,000 and he only pay $900 a months.

All else being okay (employment history, credit), you should be good on income.

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Will i qualify for mortgage modification under the terms in the new bill? i am current on my payments. how ever the way i currently understand the terms. one must have been responsible and paid payments on time. this has not always been the case with me. for years i always paid on time till my husband came down ill and was out on short term disability (std) last year. then when he returned to work he was demoted from management to a line worker. his wages cut and double garnished to pay back health insurance that normally was garnished from his paycheck. (health insurance garnished from paycheck for both the week worked and a week missed plus what employer normally paid). this left about a $90 bring home check for 45+ hours. then after further down sizing he was terminated in the first wave of lay offs just five weeks after returning to work. for the past several months. my hours has been cut back to 24 hours a week and i recently received word via hand delivery at work that my job will be terminated at any time and no later than april 3rd, 2009. like all the others who has already been laid off from our plant, i am in fear that i won't get a unemployment check after all these years of service. as i said, we are current with our payments after playing catch up with no help from the bank. we was behind on payments from april 08 to nov08, fell behind in dec08 when we was hit by a bill called "underpayment" till feb09 when we was able to catch up again. i apologize for being a lengthy question, but there is so much to my story as many others. it hard to understand without knowing all the details and there is many i would love to share, but this isn't the time or place to do so. thank you.

When Is The Right Time To Refinance Your Mortgage?  by: Mark Lambie You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so exhausting during the initial loan that you aren't sure it's worth the hassle. You could very well be right, but there are some things you can do to help decide whether it's time to refinance your mortgage. The first thing you need to verify is the interest rate for your existing mortgage and the interest rates being offered across the board for new loans. If there's not at least a one and a half to two point difference, you're probably not going to be significantly better off to refinance your mortgage. Here's why. Remember those closing costs on your initial mortgage? You probably paid for an appraisal, perhaps a home inspector's services and even a survey if you have rural property. Depending on how long it's been since your original loan, you may be faced with having all those processes repeated. Especially if you are going with another lender, have had the existing mortgage for at least two years, have made major modifications to your home or property, or have seen some significant variations in property values in your area, you're probably going to be required to have an appraisal at the very least. While it's not a huge cost for an appraisal, comparing that with the amount you're going to save on a slight drop in interest rates could show that it will take months to recoup that expense. Don't forget that you'll likely have some additional closing costs from the lender on the new mortgage (you are, after all, taking out a new mortgage even though you have an existing loan) and you may even be facing penalties for paying off your existing loan early. Weigh those costs against what you expect to save before you take this step. So does that mean that you should never refinance an existing mortgage? Actually, there are plenty of opportunities when refinancing your mortgage makes good financial sense. If you've significantly increased the value of your home or have been paying for several years, you may have enough equity to qualify for a better interest rate. You may also lower monthly payments or refinance to make improvements. In the end, it's up to you to weigh the costs of refinancing your mortgage and decide if the time is right for you to take this step. About The Author Mark Lambie is the founder of http://www.the-loan-house.com a website that allows consumers to quickly and easily get mortgage information. This article was posted on September 13, 2005

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Hi, i am looking to buy a condo in california ( 80 - 90 k). my income is 40 k a year and i have a decent credit score ( 700s). i don't have any payments except for my car payment which is $188 a month and my credit card payments which i will pay off before i try to qualify for a loan. i am a first time home buyer. i 've been with my company for almost three years and i ve been at the present position for a year and a half. but i have a doubt whether i should try to qualify for a loan. the problem is that for the last year and a half i've been working as a part time employee. ( i still average 60 hours every two weeks). so my question is: will a mortgage lender let it pass, or i won't be able to qualify for a mortgage because my income is not considered to be stable? thanks a lot!

There is a difference in a temporary job and a part-time job. If your employer will verify that the part time job is likely to continue and if you can verify you've been there a year and a half (by your employer or tax returns) you have a chance. The usual length of employment the lenders like to see is 2 years for part time work. Go to a mortgage lender to be prequalified and see if you can get by with a year and half.

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I'm graduating from college and will be starting a full time job. my salary is 50 000 but i have a student debt of 30 000. my boyfriend has had his new job for about 2 months and is making 19$ an hour (about 38 000$ / year). the company that hired me offered to pay land transfer, disbursement and legal fees. this makes me want to buy right away. is this at all possible...can we get a co-signer or something.

Qualifying for a mortgage depends on a variety of factors such as: 1) credit history 2) credit score 3) income 4) debt 5) net worth 6) estimated monthly expenses 7) desired location (FL and CA have the fastest housing price appreciation, but also perhaps the most delinquency / foreclosures) A year ago, you would have no problem getting a mortgage, but at this point, it might be a little tougher. It's always possible to get a mortgage assuming you haven't suffered major financial hardships, but the bigger question is, how much can you afford? First of all, you probably have some areas in mind, so you should know a ballpark cost. Most people pay off 20% of the principal in order to avoid paying primary mortgage insurance. Assuming you fall in that bucket, figure out how much free cash flow you have each month. At this point, you can look at mortgage calculators online, most will give you a ballpark payment amount for different types of mortgages. If you can afford those payments, then you should consult with a mortgage agent. It's easy for someone to say yes or no, but in reality, it largely depends on a number of things.

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I am graduating in may from the university of kentucky (accounting). i made $25,000 last year from poker that i can verify with 2007 tax forms. i have a credit score of 761. i will probably be heading to law school in the fall and possibly entering the workforce with a part time accounting job making $15-$20 an hour for no more than 20 hours a week in the fall. i would like to purchase a home in the cincinnati area for $100k-$125k. i am in love with a $200k home, but don't want to put too much pressure on myself while i am in school. will i qualify for a mortgage loan now/soon even though i am/may still be unemployed? (by the way it is difficult for me to find a valuable cosigner. my fiance want, but her signature would be basically worthless with her no credit history. no credit, not bad credit.) my fiancee wants to sign the mortgage with me.

Without steady employment you won't qualify. Also, part time jobs needs to have a 2 year history in order to count the income on mortgages.

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Hello. i make 11.27 per hour, work 40+ hours per week, am in the army reserves (additional $200 monthly) i qualify for a va mortgage as well, have no debt, well i guess i do have student debt of 170 per month, and my credit history is 7 years old and i fall under the "good" catagory as far as credit wortiness. lookin at a home values at 80,000 would i qualify? also, what offers more? a regular mortgage or a va mortgage? elaberate please. also, the yearly property tax is 1000 and hoa fees are 150 monthly thank you!!!

Unless you have at least 20% for a down payment a VA loan is clearly your best option. Your rate is going to be as good or better than conventional rates and no monthly Mortgage Insurance. At a rate of 5% or less your total house payment should run around $700. With 5% down conventional financing your payment would be about $40 higher due to Mortgage Insurance. With the student loan debt your total debt to income ratio would be about 40% which is within guidelines for approval. If you have 20% down to avoid Mortgage Insurance the conventional loan would cost less, since VA loans ave a 2.15% funding fee added to your loan balance that conventional loans do not have. Good luck!

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Here's my question, sorry it's a little long. my husband makes about $45k every year. i am graduating from college as a registered nurse and already have a job contract but i haven't started working yet. that job will pay me about $55k a year. we have about $9k in credit card debt, but my credit score is 756 and my husband's is 654. we have about $2k in savings (not much, i know). to buy a house where we live, we would need to qualify for about a $350k mortgage. would we qualify? do i have to be actually working or would the contract be sufficient to show proof of income? basically, where we're living now is far from where we work and we would save so much money (we both commute an hour to work, one way) in gas. plus, my husband is a cop so he'd get a take-home car which would save us about $500/ month more. is there any way we would qualify or should we stick it out and pay off credit card debt?

the higher the score the better ~ your income minus your debts (monthly payments) must meet a certain ratio requirement ~ lending rules have changed so you could need as much as 3-5% (of the amount you want to borrow) as a down payment (unless you qualify for a down payment assistance program and there aren't many of those left) Do you have a good, ethical loan officer? If not, find one. To see if you qualify should be free & answer all your questions. As far as you having a job contract (that's good) but since you haven't started yet - you might (depends on each lender) have to get a pay stub first. A loan officer can answer all your questions since qualifying depends on so many variables. But sounds like (for the most part) you should get a loan (whether or not you'll like the monthly payments is another story) Good Luck! PS Also ~ since your husband is a police officer - there are some AWESOME buyer programs out there specifically for cops & teachers in which you can buy foreclosure property at 50 cents on the dollar.

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I am thinking of perhaps getting a condo/small house. the thing is that i am a complete worry wort so i worry what if i lose my job, what if they cut my hours, etc etc. but i know you cant go through life and think "what if" all the time. in fact, i am very much appreciated at my job, but i still worry so much. how do i stop this, i think its holding me back? otherwise what qualifications do they exactly look for? i am 23, is that ok? i am single, and a woman. do single women even get houses/condos alone? i have been at my job full time for almost 2 years i have 10k in savings that i do not wish to touch and an additional 15k in savings that i would use on a down payment/costs. this however is growing by 500 amonth and i would like to do this in 6-8 months if i do at all i make 45k a year (gross) i have no debt whatsoever, and my scores range fron 738 to 763 what other things do they look for? how do i know when i am ready??? how do i even go about to start the process? just do to my bank?? is renting just better for someone my age, and is purchasing best for the whole marriage/kids deal?? (i alone here, dont have any family to ask this stuff)

I am 23, is that Ok? Yes I am single, and a woman. Do single women even get houses/condos alone? Yes I have been at my job full time for almost 2 years / Good I have 10k in savings that I do not wish to touch and an additional 15k in savings that I would use on a down payment/costs. This however is growing by 500 amonth and I would like to do this in 6-8 months if I do at all / Good I make 45k a year (gross) / Good I have no debt whatsoever, and my scores range fron 738 to 763 / Good What other things do they look for? / That's about it How do I know when I am ready??? // Financially you're ready now How do I even go about to start the process? Just do to my bank?? / Check your bank first, and check a couple otherss to shop for the best rate. Is renting just better for someone my age, and is purchasing best for the whole marriage/kids deal?? // Age has nothing to do with it. Base it more on, how long do you think you will live in your home? Will you live in this city/town for a while? Now is a good time to buy because prices are low and rates are low. I'm a lender, you will definitely be approved if you're looking for a condo/small house.

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I work for a small business. i do all of my work (except client site visits) from my home office. however, since i also use my home office for personal use during non-working hours, i assume i cannot take the home office deduction (correct)? here is my question regarding mileage - i'm testing this using both taxcut and turbotax. in both cases, when i enter my mileage, it does not seem to reduce my tax owed. when i tell the program i want to use the home office deduction, then my mileage makes a difference. if i tell it not to do the home office deduction, then my entering mileage makes no difference. so, can i only deduct my mileage if i take the home office deduction? i haven't read anything to indicate this, but the actions of the tax software programs leads me to believe that this is the case. i don't know if this matters, but i itemize my deductions (mostly due to mortgage interest & real estate taxes paid). i do not take the standard deduction. edit - i am a w2 employee. this is less than 2% of our joint agi, so i guess that's why it isn't letting me take it. thanks for the replies!

For the home office deduction, if you use a portion of your home just for business, you may deduct your home expenses up to the percentage of square feet you use for business when compared to the total square feet of your home (If you use 100 sq. ft for business and the total home is 1000 sq ft, it is 10%). You do not have to take home office deductions to be able to take mileage on your vehicle. I am not familiar with Tax Cut or Turbo Tax, but there is probably a spot that you can put the vehicle as an asset (listed property) of the business and then put the total miles driven in 2005 and total business miles driven in 2005 (pre-September 1 is 0.405 per mile and post-August 31 is 0.485 per mile). The way you're describing this makes it sound like it is unreimbursed expenses for a job you receive a W-2 from, and these deductions would be filed on a Form 2106 for Schedule A, which is subject to a 2% floor, meaning if your AGI is 100,000, you have to have 2,000 in deductions before you get one dollar deducted. You will also have to be able to itemize on Sch. A before your tax would change. If this is your business and you're self-employed, there should be no limitation on the mileage, unless you accidentally have it set to where you take actual expenses (fuel, oil, repairs, depreciation, etc.). You have to take one or the other, and once you decide which one to take on that vehicle, you cannot change in the future. I'm probably not much help, but hope this does help you out some. Good Luck.