Can we actually get a mortgage in our situation?
Married couple with 2 kids under 5.
Gross household income is around 112,000 including CCB. Monthly debt payments are around $750 for a car loan and student loan. We want to buy a house in New Brunswick and currently live in Nova Scotia.
I have been employed full-time at the same place for 8.5 years and work remote so there is no issue with me moving provinces and keeping the same job.
My husband is a full-time hourly paid apprentice plumber. He has an offer to join the local union in the city in NB we plan to move to. I’m really concerned that my husband’s employment situation will prevent us from getting approved for a mortgage.
First of all, he has only been working in the trades for one year.
In order for him to start working in NB, we need a place to live. But I’m under the impression that lenders will need to see pay stubs from his new job. How does work for people who move provinces to start a new job?
Third, as a union member he may be laid off from time to time. How do lenders view union trade workers?
We are thinking we might have him go to NB first and live with my parents for a few months to get started at the new job, but obviously that’s not ideal as he’ll be 4 hours away from his kids and me. I suppose we could make it work, but it would be hard. That also doesn’t address the union thing.
Some info that may be relevant: We have a down payment of 100,000 and hope to find a house in the 400-450k range. We both have excellent credit scores.
Any insight on how this might go for us? I am in touch with a mortgage broker but she hasn’t gotten back to us with a pre-approval yet.