merci Posted August 5, 2021 Report Share Posted August 5, 2021 My fiance and I recently purchased a home and we carry a hefty mortgage (we are in the Lower Mainland of BC). I am not yet accepted to med school and have been very hesitant applying because of all the 'what if's'. I am wondering if anyone else has been a situation where they have entered med school and taken out a LOC while also having a mortgage? My partner would still work and is currently paying most of the mortgage each month, but if I did not have income, I would need the LOC to cover half of our other bills and my own expenses. Will the banks give you a LOC with a mortgage? I am only applying to the local school and selling and renting isn't really a preferable option after just being able to get into the market. Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 5, 2021 Report Share Posted August 5, 2021 5 minutes ago, merci said: My fiance and I recently purchased a home and we carry a hefty mortgage (we are in the Lower Mainland of BC). I am not yet accepted to med school and have been very hesitant applying because of all the 'what if's'. I am wondering if anyone else has been a situation where they have entered med school and taken out a LOC while also having a mortgage? My partner would still work and is currently paying most of the mortgage each month, but if I did not have income, I would need the LOC to cover half of our other bills and my own expenses. Will the banks give you a LOC with a mortgage? I am only applying to the local school and selling and renting isn't really a preferable option after just being able to get into the market. Yes, you would be able to get a full LOC. It is unrelated to the mortgage, medical students/residents get preferential treatment that doesn't apply to normal situations. merci 1 Quote Link to comment Share on other sites More sharing options...
frenchpress Posted August 6, 2021 Report Share Posted August 6, 2021 53 minutes ago, JohnGrisham said: Yes, you would be able to get a full LOC. It is unrelated to the mortgage, medical students/residents get preferential treatment that doesn't apply to normal situations. This isn’t strictly true. I know of one person in BC who could not get a full LOC, and they were told it was because they had other loans and their recent credit had some major issues. Although I also know of people who could get an LOC with a mortgage, and vice versa, and presumably they had better credit. Presumably OP if you just qualified for a big mortgage your credit is OK. But I recommend reaching out to one of the healthcare specialists at the local banks and chatting with them about it. Do not just ask random advisers at the bank, they rarely know anything. There are some very knowledgeable advisers for the healthcare LOCs at the RBC at UBC. merci 1 Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted August 6, 2021 Report Share Posted August 6, 2021 12 minutes ago, frenchpress said: This isn’t strictly true. I know of one person in BC who could not get a full LOC, and they were told it was because they had other loans and their recent credit had some major issues. Well yes, my assumption was not having other outstanding loans or credit card problems. Generally having a mortgage is a non-issue to get a full line of credit. But if you have credit card issues, or even just large outstanding balances and/or other line of credits, those would take away from the total professional LOC you can get. Usually you would just role it into the new professional line of credit due to the lowest rate. Quote Link to comment Share on other sites More sharing options...
powdermonkey13 Posted August 6, 2021 Report Share Posted August 6, 2021 At the start of med school, I had two mortgages (BC and Alberta), leasing a vehicle, young family and partner that does not work. No other debt, good credit. No issues getting the full LOC from Scotia Quote Link to comment Share on other sites More sharing options...
merci Posted August 6, 2021 Author Report Share Posted August 6, 2021 Wonderful, thanks for all this input! Quote Link to comment Share on other sites More sharing options...
Ratatarata Posted December 17, 2022 Report Share Posted December 17, 2022 On 8/6/2021 at 9:56 AM, powdermonkey13 said: At the start of med school, I had two mortgages (BC and Alberta), leasing a vehicle, young family and partner that does not work. No other debt, good credit. No issues getting the full LOC from Scotia How were you able to pay the morgages? Quote Link to comment Share on other sites More sharing options...
powdermonkey13 Posted December 19, 2022 Report Share Posted December 19, 2022 Able to work a little but mostly LOC, grants, loans. Quote Link to comment Share on other sites More sharing options...
Karllita Posted February 26, 2023 Report Share Posted February 26, 2023 I can definitely relate to your concerns about entering med school while carrying a mortgage. It's a big financial commitment, and it's important to consider all options before making any decisions. I haven't been in exactly the same situation as you, but I did work with a Mortgage Broker Liverpool when I was considering refinancing my home a while back. They were able to give me some great advice on how to manage my mortgage payments and even helped me get a lower interest rate. Quote Link to comment Share on other sites More sharing options...
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