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#457423 - 04/20/17 10:32 PM Mortgage for a down payment less than 20%
William12 Online   content
Junior Member

Registered: 04/20/17
Posts: 1
Loc: Canada
Hi all,

I am in a trouble now. Three years back, I got married and my husband was a nice person. We were leading a happy life and I thought he was truthful to me. But, recently, I came to know about his extramarital affair. Now, we are moving for divorce and I am staying with my friend. And I wish to start a business with her.

Our plan is to start a boutique. But, I am not employed right now. So, I donít have a stable monthly income and our savings are also too low. Obviously, we are in need of a mortgage service to buy a suitable building. Our friends helped us to [url=]find the mortgage broker in Toronto[/url].

We have seen many buildings for the boutique. In my search, I found that the average down payment for mortgages is 20%. I donít know whether it is correct. But, with the current price of the buildings, we are not able for a down payment of 20%. Is there any option to get a mortgage for us? Please help me to find a solution. Thank you.

Edited by William12 (04/21/17 02:33 AM)

#457424 - 04/21/17 05:00 AM Re: Mortgage for a down payment less than 20% [Re: William12]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7564
Loc: Vermont's North-East Kingdom
Rent; otherwise your "estranged" Husband may acquire Spousal Ownership Rights to whatever you might buy until your Divorce Decree is finalized.

Besides that concern, without any demonstrated Income, buying anything is a long-shot anyway . . . . regardless of the Down Payment requirements.
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"


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