Can I qualify
I am looking to get a mortgage in Ontario. Not sure where to look for a loan whether I should just go through my bank or use an online broker.I invest with Wealthsimple and see that they collaborate with Pine Mortgages and wondered if that would be a good alternative to my bank.
My partner and I are both low earners. Partner has poor spending habits and struggles to save, barely ever gainfully employed. I work a lot, self employed but only do about $60k/yr in gross revenue and maybe bring home $40k of that. I have a savings of approximately $30k in investments and my only other assets are my truck/trailer and tools for my business.
I know that I could come up with money for a down payment but my concern is passing the stress test as a low earner. I think ideally I would purchase the house solely in my name but would be open to purchasing with my partner if her income added to the equation would make purchasing a home possible. I have also considered trying to find affordable land to do a land mortgage and build a very basic small home if that was feasible. Truthfully I think I would prefer the buying vacant land and building a humble dwelling on it rather than buying an already constructed home.
Any advice is welcomed, thank-you.