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Mortgages and approval

Today I had a meeting with a real estate agent that was recommended to me by a friend in Korea who purchased a house with this agent. The agent was really very helpful and informative. I talked with him for about two hours and really learned a lot about my options and the whole process as well as the various fees involved in buying a home.

The real estate agent also recommended that i talk to a mortgage broker in addition to talking to my bank about getting a loan for the home we would like to buy.I’ve got an appointment with the mortgage broker he recommended for tomorrow afternoon at 2pm. Today, I dropped by my bank and met with the man in charge of mortgages and after a few phones calls, due to him being slightly unfamiliar with the process for people returning from abroad it, it seems like we will be able to afford a home in the 290,000 to 300,000 range.

In talking with real estate agent earlier I found that this means we’ll be moving into a townhome, which makes a good starter house. Overall, I’m feeling really great about the progress made so far on this trip.

Jul 06, 2010 Comments(5) Save on Facebook
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Comments

Picture of Chris

Chris: Tuesday Nov 9, 2010  at  01:42 AM Korea (South)

Hi,

I’m considering repatriation to Canada in the next 2~3 years give or take.  Would you be able to giove me more info regarding the mortgage application process and what it took to get approval considering lack of employment in Canada and time spent oversea’s.

Cheers,

Chris

Picture of Sean

Sean: Tuesday Nov 9, 2010  at  01:46 AM United States

Chris,

I actually wasn’t approved because if I had gone through with the application it would have been a waste as a pre-approved mortgage expires in either 3 or 6 months, I cant’ remember which. But what both the banker I talked to and the mortgage broker I talked to told me was because I am able to put down 65% of the value of a home I can get an equity loan which has less requirements due to it being unlikely that the bank will lose money.

Hope that helps.

Picture of Chris

Chris: Tuesday Nov 9, 2010  at  01:52 AM Korea (South)

Hi Sean,

Thanks. I don’t know if I’ll be able to put down 65% of the value of a home, we do have a tidy sum saved but nothing compared to what you have. That being said it does help. There are many things I need to look into and consider, your blog has helped alot. Things that I didn’t even know I had to worry about I’ve found here, thanks a million.

Cheers,

Chris

Picture of Sean

Sean: Tuesday Nov 9, 2010  at  01:54 AM United States

I’ve been ignoring the blog for a while now, your comment is a good kick in the pants to get me started again. Also have to stop procrastinating on the visa process.

Picture of Chris

Chris: Tuesday Nov 9, 2010  at  02:06 AM Korea (South)

Sean,

Keep’er going. I can asure you it’s not just me wondering how the h#ll do I move back home with a family, no job, no house, no car, no sanity. I think about it probably 67.89% of my day, so I googled it and found your blog. I have sent the link to numerous friends all in the same position as myself, all for various reasons wanting to leave Korea, but predominatly the same reasons you have listed, which actually made me laugh out loud. (one instance regarding driving. I loose my mind when I get behind the wheel of my car) All in all it’s quite informative and gives me a piece of mind that it can be done with some effort and time.

Cheers,
Chris

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