Need advise on how to obtain mortgage

[hannagirl]

Hi everyone,

I have recently shifted to Edmonton, with my friends. We are working in a nearby hospital. It’s getting really difficult to find a home for rent, so we are planning to take a mortgage and purchase a house. But, none of us have taken any loan, so we are pretty confused with a lot of things. I was looking online on detailed steps on how to obtain a mortgage. I wanted to know, is there any special considerations since we are medical students and nurses. Also, should we choose a mortgage broker or a bank ?

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[ThoracicGuy]

Hi everyone,

I have recently shifted to Edmonton, with my friends. We are working in a nearby hospital. It’s getting really difficult to find a home for rent, so we are planning to take a mortgage and purchase a house. But, none of us have taken any loan, so we are pretty confused with a lot of things. I was looking online on detailed steps on how to obtain a mortgage. I wanted to know, is there any special considerations since we are medical students and nurses. Also, should we choose a mortgage broker or a bank ?

I would avoid buying and find and apartment instead. As students, there is a good chance you won't be there long and will likely end up losing money when it's time to sell.

 

[Mman]

Hi everyone,

I have recently shifted to Edmonton, with my friends. We are working in a nearby hospital. It’s getting really difficult to find a home for rent, so we are planning to take a mortgage and purchase a house. But, none of us have taken any loan, so we are pretty confused with a lot of things. I was looking online on detailed steps on how to obtain a mortgage. I wanted to know, is there any special considerations since we are medical students and nurses. Also, should we choose a mortgage broker or a bank ?

getting a mortgage with friends is either impossible or just the worst idea ever. I mean if one person wanted to get a mortgage and purchase their own home and then have others live with them and chip in rent money, that'd be one thing (which may or may not be a bad idea for them). A bank, however, isn't going to lend money to a group of friends for a mortgage. Individuals get mortgages, or couples (married or not), but not groups of friends.

On a related note, you probably shouldn't buy a house unless you plan on living in it for a period of years, preferably 5-10 or more.

 

[mvenus929]

Also, not sure how willing a bank would be to give a mortgage to a bunch of students without a cosignor who is actually making enough to cover the mortgage.

 

[Plastikos]

I agree with worst idea ever.