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Housing Loan, Toronto?
I am wondering how to get a housing loan in Toronto, if I am there as a students.
I am planning to come to Toronto to study, and instead of renting, I want to buy a house while I study in toronto.
I have no income (student status), but I can pay close to CAD$80K, and have a rental fee from my own house outside canada. Not sure if there is any bank that I can talk to for loan.
Any opinion?
1 Answer
- ChucklesLv 71 decade agoFavorite Answer
Without a steady job and income over $50,000 a year, you will not get a home loan.
Remember that buying a home costs you more than renting now, if you stay in it less than about 10 years.
The days when anyone could get a loan and you could make 20% a year are long gone with the crash. And those sort of loans were only available in the USA anyway.
Just rent a place to live. It will be a lot cheaper than house payments.
