How Cancer Affects your Ability to get a Mortgage?

Posted on Updated on 25 March, 2019

A mortgage is when you take a loan for something, usually to buy a home. But does having cancer affects your ability to get a mortgage?

Not really!

When you apply for loan, you are not usually asked for your health. This means that even if you have cancer, your lenders would not know. BUT, they surely ask about your income.

For them, it matters whether your income is going to be stable in the coming period of loan repayment or not. You should be able to repay everything along with the interest back. And having cancer can surely impact your income flow. But, you can work out on the alternative paying methods and take care of the fact that your income would not hamper.

In such scenarios, cancer does not really impact the mortgage possibilities. Also, when there are cases like¬†second mortgage in Toronto, you don’t have to worry about cancer at all, since you have already put forth a collateral in case you are not able to pay back.

More about mortgage

When you have to buy a home or any other property, you go for a mortgage. And this loan is usually taken either from a bank, or any other paying institution. These become the lenders. The term during which borrowers have to return the principal and interest amount is usually 25-30 years. In normal cases, payments are done every month.

In the case of cancer, if your ailment does not hamper your income or working environment, then there is no trouble in getting a mortgage. They only ask about your employment and any possibility of income change. And if no such issues arise, your application for mortgage should be straightforward.

So in nutshell, cancer does not affects your ability to get a mortgage, if it does not hamper your income. If all goes good, then mortgage and loan will be in your favor.