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Today: 22.01.2018 - 14:18:32
   Canada Mortgage Hub Discussion Board -> Mortgage Edmonton -> What kind of income must one have to qualify for a $250 000 mortgage in Alberta, canada?
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paramitas

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What kind of income must one have to qualify for a $250 000 mortgage in Alberta, canada?
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realmotors

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assume with good credit you will qualify for about 3x annual earnings. so you will need to earn ~$85k per year
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playdirt

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At today's rates and for a 30 year mortgage $50,000 gross income will do it. As long as you don't have other debts like a car loan or big credit card balances.And don't forget that a lot of Alberta mortgages are assumable. Which means as long as you can manage the payments, you just take it over from the owner. This can be a wonderful opportunity to get started. HOWEVER, if you go this route (even if you can afford it) the mortgage company can refuse to renew the mortgage in your name when the term is up. Which means you must make certain that you'll be able to qualify on your own by the end of the term. Which means that assuming a mortgage with only 6 months remaining until the end of the term could cause you to lose the house altogether whereas a mortgage with 4 years remaining on the term gives you 4 years to line up your ducks. This sort of a deal can be very good for someone who's self-employed (who has the money but who the banks won't lend to) or someone who KNOWS for sure that their salary will increase sufficiently by the end of the term, or if a person has (for example) 600.00 car payments which will be finished by that time thus allowing them to qualify for a larger mortgage.Unless you can pay a lot of cash up front, you would also have to arrange a vendor takeback loan/2nd mortgage with the seller to cover the difference in owner equity.PS If you're thinking of buying in Calgary or Edmonton you should read this weekend's news about the cooling real estate market - prices are going down, because the number of listings are going up. Remember that the best time of year to buy is always the winter; the worst time to buy is always the spring. Also, did you realize that unless the buyer pays their realtor directly out of their own pocket, the buyer's realtor is obliged BY LAW to act in the best interest of whoever is paying their commission - ie the vendor! So try to keep this in mind if it seems like your "helpful" realtor tries to hurry you into the biggest financial decision of your life. If ever you're not sure, just say no. There are thousands of houses available .Good luck.
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