Upside Down Mortgage

Archive for April, 2009

Mortgage Help In Canada

Question: Can I get a mortgage in Canada if I live in the UK?

Also, does it have to be with a UK lender, or can I use a Canadian bank?
Thanks

Answer: I am not sure about Canada but I am an ex pat living in the US. You can get a mortgage here without declaring your income and without proof of social security number etc. It is not uncommon at all. It will cost you 1-2% more and there may be other conditions attatched such as 2-% deposit.

Canada Mortgage Rates and Mortgages for Home Buyers, Home Equity Loans and Refinancing

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Subprime Loans Still Available

Question: If you declared bankruptcy is it easy to obtain sub-prime loans?

Are subprime loans always available to anyone regardless of their credit history??? Thank You for your time

Answer: Lenders will closely scrutinize the loan application and will want to know some things such as:
Have you learned your lesson? Do you understand where you went wrong to make your credit as bad as it is? and...
What will you do with credit in the future?

The way they do find if you are truly repentant is to look at your monetary/credit behavior since the bankruptcy was discharged.
Also, lenders will want to know how long has it been since the bankruptcy and have you tried to rebuild your credit?

Are loans still being made? Part 2