I have a VERY GOOD credit rating. I always pay all my debts (I might be late by accident, stuff happens sometimes and people get distracted, but that is rare)... and thus my credit rating is incredibly good.
The only problem however is that I am self-employed. I run my own website design company here in Toronto. Its been several years since I was actually employed by someone else.
Thus I am a bit concerned about the fateful day when I apply for a mortgage. Will my application be accepted? Will they try to gouge me with a higher interest rate just because I run my own company.
I also worry about my age. I admit I look young for my age, but that is mostly because I am rather fit, cycle daily, weightlift five times a week and recently took up archery. In the winter I also ice skate. The point is that despite the fact I am now (egad) in my 30s I sometimes still get asked for ID when I order alcohol in a restaurant.
So I can just imagine visiting a bank, shaking hands with the loan manager and then being politely turned down for a mortgage because they think I am a 20-something who is self-employed.
I would like to think my long credit history and excellent credit rating would help convince them I am not only older, but financially capable of handling a mortgage.
Someday I should speak to a mortgage broker and just find out how flexible they are when it comes to self-employed people. (I am guessing they will require a co-signer.)
Recently Popular Posts
-
Kyle MacDonald is a Canadian Blogger who created a website called "One Red Paperclip". What he did was barter and trade his 1 re... -
In the last 40 years we have gone with an average house price of $32,513 in 1972 to a whopping $497,301 in 2012. It is over 15 tim... -
Touring a house can be an exciting experience. You walk through the front door imagining where the couch will go, how the kitchen might look... -
Buying a home often gets framed as a simple choice between two neat categories: older homes with “character” and new homes with “modern fini... -
I manage or am a member of over 70 different blogs. One of them is a pet project of mine entitled " Project Gridless ". The conc... -
Water doesn’t always announce itself. It can seep slowly into walls, crawl spaces, or basements, leading to problems like: Mold growth that ... -
Did you enjoy last month's blog post titled 3 Common Plumbing Problems that you can Fix Yourself ? Good news! Here are three more comm... -
If you've been following My Quest for a Condo (a quest wherein I attempt to trade items again and again for something bigger and better ...
-
Did you know Toronto is one of the most expensive places to rent an apartment? In Toronto the average price of a two-bedroom apartment is $1... -
Stephen Jarislowsky has been warning people for years that the Canadian housing market is in a bubble and he is "convinced" its go...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment.