Expecting a child is one of the most exciting times in your life. Still, it can also come with a lot of uncertainty, often from financial considerations, including whether you can get a mortgage in Regina when you’re on maternity leave.
Can You Get a Mortgage in Regina When You’re on Maternity Leave?
The good news is it is possible to get a mortgage in Regina when you’re on maternity leave. However, there are certain conditions and considerations you should be aware of before applying for one. Each lender has different policies surrounding maternity leave mortgages, so research is helpful.
When you’re a pregnant woman or new mother on maternity leave and looking for a mortgage, you may be asked for additional proof of income like bank statements or income tax returns. These documents will demonstrate you can make timely loan payments and help prove your eligibility for certain types of mortgages.
Another key factor in securing a mortgage when on maternity leave is saving up a sufficient down payment before applying for the loan. Lenders often look more favourably upon borrowers who can put up at least 20% of the home’s purchase price as a down payment. This is especially true in cases where one partner has taken temporary leave from their job, or there are other financial circumstances.
Finally, it’s essential to know the type of mortgage you’re applying for and whether your lender offers special programs tailored toward borrowers on maternity leave. Many financial institutions in Regina understand new mothers’ unique situation and offer flexible payment plans specifically designed for those looking to purchase a home while on leave. It’s worth researching these options if you’re trying to secure a mortgage during this period.
Let Us Help You Get a Maternity Leave Mortgage in Regina
Overall, getting a mortgage in Regina when you’re on maternity leave is possible with the proper preparation and awareness of your situation. If you want help securing a mortgage during maternity leave, contact City Centre Mortgages in Regina today and let one of our experienced agents guide you through the process. We have years of experience in helping new mothers secure mortgages so they can move into their dream homes as soon as possible.