Purchasing a property can be much easier than you might think. If buying a property is something that really doesn’t appeal to you, here are some quirky but true steps to ensure you don’t get stuck in an unwanted mortgage contract.

Quit Your Job

First thing to consider is quitting your job. One of the best ways to guarantee you won’t get stuck in a mortgage is to have no form of employment. It’s true, most mortgage lenders will not consider lending any amount of money to someone with no employment income. So, if by chance you have a looming approval in your midst, don’t fret. Unexpectedly quit your job, even if you’re securing a better job, any change in your employment will negatively impact your approval.

Spend All Your Cash

To secure a mortgage, a down payment plays a key role. In Canada you will need a minimum of 5% down. If you want to get out of this mortgage, then getting rid of your cash and having nothing in your account will absolutely stop your approval in its tracks. So, if you’ve been considering going out and spending all your cash on a new vehicle here is your chance.

Debt Debt Debt

Once you have quit your job, spent all your cash, now it’s time to load up your debt service ratio. Remember, the higher the payments the better. The idea here is that when your lender compares how much you owe each month compared to the cash you bring in there’s no chance they will consider approving you.

Stop Making our Payments

So you don’t want to quit your job, can’t seem to spend all your cash, and you’ve run out of things to finance. Don’t worry, you can still completely fail at securing your mortgage approval. Either miss payments or completely stop making them. No lender will lend you money with a track record of not paying back what you already owe.

Ugly Documents

When all else fails just send in horrible looking documents. Make note that your name doesn’t appear on any of your statements or documents, they will have no idea if these documents are yours or not. When submitting your bank statements make sure you have multiple cash deposits of over $1000 with no explanation as to where the money came from. This will raise some severe red flags pointing to money laundering which is a huge problem. If cash deposits aren’t possible then just take a black sharpie marker and try to make your statements look more like FBI documents.

Follow Through

There they are, all the ways you can avoid accidentally purchasing a home.

• Quit your job

• Spend all your money

• Borrow as much as possible

• Stop making payments

• Make sure the lender can’t prove anything

Absolutely no one will lend you money with several of these in place occasionally only one method will work but the more the better.

Now, by chance if one day you do want to qualify for a mortgage you have come to the right place. However, you should keep your job, save for a down payment, limit your overall debt as much as possible, make payments on time and provide clear documentation to support your application.

Either way we can make sure to help steer you down your chosen path. Connect with us anytime as we are always here to help.