Single People with mortgaes

[t_s_cb]

How many people out there have a mortgage with only one name on the mortgage? How did you qualify for your mortgage on your own? Did you have to go through a company that offers the option good credit bad credit? Or a bank?

See I have good credit and such. No bank will touch me due to my credit debt ratio being a 32%. And aparently you have to have at least a 40%..If anyone has any info please pm.

[StephRan]

My boyfriend and I purchased a new home last February. He hed just turned 22 and I was 18. They put both of our names on the mortgage, but only counted his income and credit, because I was too young at 18 to have credit in NB. So, technically, I own the house but don't owe any money on it:D Smart woman, haha. I have no idea what the debt ratios were, but I know our broker worked much different than the bank. We were approved with the bank, but their interest rate was much higher than the broker we used (alomst one full percent). The biggest difference with the bank vs. the broker was that the bank wanted to use any of his accessible credit against him..like as though it was maxed out and that he'd have to pay the min 3% payment on them, even though they had a $0 balance. (Credit card, line of credit, etc). The broker, however, didn't count the accessible credit against us, and this helps greatly with the ratios. She said they only count the min. 3% monthly payment on the current balance oweing. So, 0$ monthly instead of several hundred dollars monthly. Hope that helps a little

[oasis]

Your debt ratio should be below 40% not at it. Get a broker. The banks are very fussy. But a broker checks out various lenders. Not just the banks. PM me your email, and I'll let you know who we used. Our credit wasn't the best and were moving into our new house the end of the month.

[Misty589]

i bought my house by myself when I was 20. I went through my bank, I was working at cendant at the time (so i'm not rich lol)

[Tammy C]

I just qualified for a first time mortgage by myself. The person I dealt with was a fabulous help to me on this venture. Now I just need to find a house that I want to buy. She even sent me an email before the long weekend with her cell number in case I had any questions. How is that for business? Good luck

[Flaxie]

I got my mortgage last August on my own. I went through a mortgage broker and have 2 mortgages. One through Bayview Credit Union and one through CMHC. It's great. As other posters have mentioned I got approved first and then found my house. I told her what I wanted to pay and she also looked at what she determined I could afford. Go for it! The first time I looked into it I did not find anything I wanted in the price range I qualified for. I took a year to clean up my finances and then tried again.