If you miss one mortgage payment nothing will happen if you contact the bank and tell them about your missed payment. In 100% of the cases bank will allow you to make the payment with your next months payment. Or you can get the bank to withdraw it as soon as the funds become available on your checking account. You can do this if the bank where you do daily banking is the same as your lender.

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-income of $74,000 annually -no major debt -1 dependent (wife...that would be me...i'm in school and have my own mortgage...so i'm not putting my name on the application). -ok, but not great credit rating (a few missed payments on a visa) -no major regular bills -approx. $20,000 for a downpayment give or take $10,000. what would be the typical amount offered? we're in canada in case that makes a difference.

I'm not sure if lending is different in Canada than it is in the U.S. but there are many factors that go into loan calculations, and maximum loan calculations will differ by the lender and loan program. To get a general idea use a mortgage calculator like the one found at http://www.bankrate.com/ (click on calculators and "How much home can you afford" link). Having dependents shouldn't be a factor but your actual debt amounts, your actual credit score, income and down payment will all have an effect on how much a lender is willing to give. You may also have some government programs available that may increase your purchasing power. But the best advice I can give is to not take on a mortgage payment that is greater than what you can realistically afford.

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My husband's credit score is 664 - pretty average. i dont know for sure what mine is, but ive only had one bill in my name for a yr. its up to date, but there have been missed payments. what are our chances of getting a mortgage? we are looking at a house that costs 137,000. its a 3 bdrm with an in-law suite downstairs. my mother in law will be living there and pitching in on the mortgage, like a monthly rent. do we have a decent chance of getting a mortgage? what about a mortgage with a low downpayment (0-3%)? we're going to see a broker this week who is apparently one of only two in canada that offer a special first time home buyers 0% down program. my husbands cousin bought a $180000 house through him with 0%, but im unaware of her credit position obviously, but shes about 35 and this is her first home, so i dont know if its perfect. with our credit and incomes together plus the guaranteed tenancy from my mother in law, do we even have a shot? we're young by the way - hes 21,im 19 i dont know whether age matters or not. hes been at his job for 3 1/2 yrs, ive been at mine for 2. im currently on maternity leave but am going back to work this week and hes taking off for parental leave, so one of us will be on unemployment. even while on unemployment, our monthly income will be somewhere around $3000 monthly, not including the rent from his mom.

As you may or may not know it is very difficult to buy a house now for people with low credit scores (less than 700.) Especially with a low down payment.. The stock markets are falling and companies are failing because they lent money to people who were not creditworthy at ridiculous rates they could not afford. So to be blunt you don't have a lot of opportunity now as it stands, but that's not to say there isn't hope. First let me say that for you it may be cheaper and more financially sound for you to rent until you either get a better credit score or the housing economy improves again (which can take years). Fixing your credit score though won't take as long so focus on that for now. It doesn't take long for short term changes like account balances, payments, and available credit to show up on your credit report and effect your score -- likely these are the things to have impact over the short term, and you have a better change of fixing your score if you try to address one of those issues, which you can do easily in a matter of weeks. So along those lines, these are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year: 1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.) 2. Never Miss a Payment, Starting Today 3. Never use more than 20% of your Available Credit 4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible 5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones 6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance 7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- 8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan 9. Take out a Small Personal Loan and Repay it Over a Year 10. Ask Someone With Good Credit if They will Account Shadow you When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: * 35% -> History of Payments * 30% -> Debt to Credit Ratio (available credit) * 15% -> Credit History (length of open accounts) * 10% -> New Credit (are you expanding your credit) * 10% -> Credit Types in Use (varied credit types from loans to credit cards) If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score. You can read more about these tips on my blog: How Can I Increase My Credit Score http://millionster.com/articles/debt/increase-fico-credit-score/ In all honesty I don't think any company willing to take on "subprime" borrowers are going to be a safe bet, and you are likely to be in a worse off situation desperately trying to go after a house especially given the market conditions and your financial situation! Not a good idea. Fix your financials so you can get the best loan -- banks are gonna be stingy and anyone else is probably going to be a scam artist. Don't be desperate! That's the worst thing to do. Never make a decision out of desperation when you can rent an apartment and wait and make a smart decision....

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My husband's credit score is 664 - pretty average. i dont know for sure what mine is, but ive only had one bill in my name for a yr. its up to date, but there have been missed payments. what are our chances of getting a mortgage? we are looking at a house that costs 137,000. its a 3 bdrm with an in-law suite downstairs. my mother in law will be living there and pitching in on the mortgage, like a monthly rent. do we have a decent chance of getting a mortgage? what about a mortgage with a low downpayment (0-3%)? we're going to see a broker this week who is apparently one of only two in canada that offer a special first time home buyers 0% down program. my husbands cousin bought a $180000 house through him with 0%, but im unaware of her credit position obviously, but shes about 35 and this is her first home, so i dont know if its perfect. with our credit and incomes together plus the guaranteed tenancy from my mother in law, do we even have a shot? we're young by the way - hes 21,im 19 i dont know whether age matters or not. hes been at his job for 3 1/2 yrs, ive been at mine for 2. im currently on maternity leave but am going back to work this week and hes taking off for parental leave, so one of us will be on unemployment. even while on unemployment, our monthly income will be somewhere around $3000 monthly, not including the rent from his mom.

Try countrywide.We got a mortgage loan from them last month and our credit score is high risk.Good Luck

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Handed over the house, completely hers and she will not take my name off the mortgage. can i force her to sell, can i stop paying the mortgage and let the bank take the house from her? there is a fair bit of equity in the house so the bank will get all of their money if they foreclose. and how many payments do i have to miss before they actually foreclose on the property? we are in ontario, canada. my lawyer was crap!

move back in and drive her nuts.

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I know this is weird, but i have tried several loan companies and for several reasons, this is not an option for me. i get paid well, but will not get paid until mid - april because of some problems with the real estate agent i work for. i will be getting $3,000. i am considered self-employed, paid on commission, so a pay day loan will not work. i looked into loans from banks, but i have really bad credit, and it's a big hassle for a loan that i will be paying off in a couple weeks. i have never missed a mortgage payment or insurance payment, due april 1st, and i don't want to do it now. i am desperate at this point. i know of people who are pretty rich who lend money, but they are in my business, and there's no way i can approach them. so, as stupid as this sounds, i am looking for someone who could borrow me $1,000 asap, to be paid back in full as soon as i get paid. family is not an option either. serious answers only please. please note, i am in manitoba, canada. yarcofin: thank you, that is a good site. unfortunately, it is only for those in the us and i am in canada.

http://www.ioucentral.ca/ is Canada's peer-to-peer lending company. I lend on prosper and to family, but I wouldn't lend that much money to someone I don't know well -- especially without a formal setup (like prosper).

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My husband purchased our house before we were married, and since he was working in what was considered a "seasonal job" (carpentar), he required a co-signer for our mortgage. we have had our house for 6 years now and have never missed a payment at all and our co-signer has just called to say that he would like off of our mortgage. how do we go about doing this? we are in canada, so do we need to reapply for our mortgage on our own now? my husband has since then switched careers (he is a career firefighter for the past 3.5 years) and we have a more secure income. are we going to have a problem with this? i don't think that we will, but i'm just nervous, that's all! thanks for your help!

You have to refinance the entire mortgage into your name...and it requires the signature of the co-signer in order to do it. No such thing as a co-signer...on the loan, they are called a co-borrower. However, if they agree, then it shouldn't be a problem as long as you credit and income qualify.

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I live in canada. i ve never missed a payment in my life (i also pay my credit cards balances at the end of each month, never paid interest on credit cards) but i do have many credit lines that i do not use- i can access over 40 k at any time; i also have a mortgage that i got last year (200k condo) and do lease a car. i was surprised that i did not score a; what can i do to improve my credit score? and how long will it take! thanks for your help.

It seems to me that htere has been a mistake made, ask questions, dont accept this rating, if you are covering all aspects in what you say, this is not a fair assessment.

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I have a capitalone secured mastercard in canada and nobody at capitalone outsourced customer service knows this answer. i have had the card in very good standing, never missed a payment for 3 years now. i was originally told after 3 yrs. it would be switched to a gold card now nobody knows anything about this. does anyone know the real answer... when will they unsecure my card? i have good credit with an unsecure visa card and a mortgage. think its kinda funny that they are holding a less than 10% of what my credit limit is still as a deposit. cheers, joe when i said 10% of my credit limit it is like if you were to give someone $10 deposit and they give you a limit of $100 :) i have always paid on time and never received a bill showing a minimum payment amount as i have always over paid. damn capitalone.

Hi Joe, let me ask you this, first, is this the same credit card as in the USA's, Capital One ? Second, someone is playing games, I have never heard of a secured credit card, being secured for more than a year or two, but mostly like a year and a half, they just automatically do it. I know, because I've had one before. Third, either talk to customer service again, then talk to a supervisor, and I would even make a call to Capital One, in the USA (1-800-955-7070), and I would later ask if you can apply for a regular credit card 1-800-695-5500 USA. Now fourth, have they been reporting your payments to the credit payments to the credit bureau? If so, then you should have a great FICO score, if you don't have any other negatives on there. I kinda confused, about your last statement, you said they are holding 10% of your credit limit as the deposit, I don't understand. Did you make some additional deposits, or did they refund some of your money? Well anyway you should be in good standing all the way around, so there should be nothing stopping them from changing your now secured card to an unsecured card. And if they don't I would start shopping around for a new card, and eventually pay them off, don't close the account, just don't use it anymore. I hate say it, but they are a pretty crappy credit card company. Good luck Joe