I meant to say $2500 as my overall debt from all 4 accounts (credit card) in my original question.
Per my reading, as long as i can close the transaction before 1 year of my visa expiry which is Oct 2014, i should be good for the mortgage - Is this correct ?
How does the point accumulation work ? If i get pre-approved for certain amount of $$$ say in 1 month, can i start saving money in the account every month to accumulate points (i read 1 point = 1% of the loan).
Does my plan below work:
- Apply for a mortgage, get pre-approved
- Start saving money in the loan account or the approving CU's account to get as much as possible for down payment so i can bring down the interest rates (but i cant make it 20% down)
- Look for properties in the meanwhile and close once we find the right property.
I would like to work with local agents that can assist me in the right way.