User Tag List
Results 1 to 15 of 26
-
Fri, Jan 22nd, 2016, 05:20 AM #1
hi,
I am moving to Ontario, Canada in 1 month. I want to settle in Canada and just got a job there. I am thinking of purchasing a Small Home in Canada but not sure whether i can qualify for a Mortgage or Not. Being a newcomer, is is possible to get mortgage ?
I have a fair amount for down payment lets say 10-15% around of total home value. Many people recommended me to go to a broker . Is it good to get help from broker?
Rajwinder SinghThis thread is currently associated with: N/A
-
-
Fri, Jan 22nd, 2016, 11:57 AM #2
There are lenders that have new to Canada programs. However there are qualifications. One that is common is that you must be employed. For 1 large bank it is 3 months while another lender requires at least 2 years employment with the same company. Your best option is to move here and get a job. Along the way you will need to establish credit as a lender needs to see a credit history. This will give you a chance to talk to those lenders that have this program and save more money for a purchase. In Ont you also have to pay a land transfer tax at closing so more money is required. In Toronto there are 2 land transfer taxes.
Ask me about the do-it-yourself mortgage -designed to save you even more money.
-
Fri, Jan 22nd, 2016, 12:34 PM #3
- Join Date
- Aug 2013
- Location
- Durham Region, Ontario
- Posts
- 1,082
- Likes Received
- 1998
- Trading Score
- 0 (0%)
Do you have a neighborhood in mind yet? If not, I'd work for a bit and rent. Most major banks will match the lower online mortgage rates so you might not need as broker.
Join the Ajax Coupon Group: https://www.facebook.com/#!/groups/119179048289492/
Use Instacart for free credit towards your order! Earn cash in a flexible part time job! Referral code KRISTAJ961A3 https://shoppers.instacart.com/?refe...upply_referral
-
Fri, Jan 22nd, 2016, 02:36 PM #4
Further to Doug's comments, if you decide to try to buy a home after just 3 months employment, you will also be required to produce some acceptable proof of good credit. Usually lenders prefer an international credit report, but sometimes they will accept a letter from your (major)bank where you came from vouching for your credit worthiness.
I agree with Durham Couponer that it would probably be wise to take a year and rent. When you get here, you can apply for some credit but also save your paid receipts for your bills such as cell phone, cable, etc. Once you've been here a while, you can also establish your credit that way (for Newcomers to Canada Program)
I currently have foreign clients from Dubai buying investment property. As foreigners with no employment and no credit in Canada, they will have to pay 20- 25% downpayment PLUS fees AND pay 6.99 to 7.99% interest rate. I'm sure you don't want to do that. Best to save that money and put it towards your downpayment in a year's time.
Also to consider, is the higher the down payment you make, the less mortgage insurance (CMHC) you will have to pay.. . another savings if you wait a year.
-
Sun, Jan 24th, 2016, 11:18 PM #5
We got a mortgage when we first arrived in Canada through the welcome to Canada scheme that some bank have (we used Scotiabank) we had no credit rating and we didn't even have jobs at the time. But we had enough $$ to put down a sizeable deposit and savings to show that we could meet the repayments. We also obtained our UK credit reports and the bank was quite happy to accept those, we also provided copies of our UK bank statements. We had an interest rate that was comparable at the time (if I remember rightly 4% in 2006). We did use a mortgage broker at the time and he was priceless as he did all the legwork for us. He put the application through and we were approved the same day, he said it was one of the least complicated mortgage applications he had done!
Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
PC Insiders please use my code LR1507 you get $25 and I get $10 in points
-
Mon, Jan 25th, 2016, 12:56 AM #6
- Join Date
- May 2011
- Location
- On the verge of indecision
- Posts
- 13,970
- Likes Received
- 15364
- Trading Score
- 20 (100%)
When we moved here in 2000, we couldn't get a mortgage as we were on a worker's visa. You needed to be PR to get one..It may have changed since then, though.
Short answer : no Long answer : NOOOOOOOOOOO!
Welcome to the Penguinocracy..One Penguin, One vote..I am The Penguin..I have the One Vote
-
Mon, Jan 25th, 2016, 04:49 AM #7
-
Mon, Jan 25th, 2016, 04:52 AM #8
-
Mon, Jan 25th, 2016, 04:54 AM #9
-
Mon, Jan 25th, 2016, 04:57 AM #10
-
Mon, Jan 25th, 2016, 05:00 AM #11
Many friends and relatives suggested me to seek a mortgage broker , they told a broker can help me get the right deal and also do it in a hassle free way.
Also few of my relatives recommending me to consult with a mortgage broker company brevity capital. They said the broker is a good one . But i am not sure for now so If anyone had any experience with this broker, please do share . This is their website www.brevitycapital.com
Also if you guys have any broker / lender suggestion which can provide me in reasonable rates , do share. i will try.
My would be location : Oakville, Ontario, Canada
-
Mon, Jan 25th, 2016, 08:51 AM #12
- Join Date
- Mar 2010
- Location
- Canada
- Posts
- 11,052
- Likes Received
- 6201
- Trading Score
- 46 (100%)
Just rent an apartment for a year or so, close to your workplace. Get a hang of the country, culture, workplace, commute, transport, food, weather, stores etc before buying the house. Once you buy a house, you will be pretty much stuck in one place for the first few years & it won't be too flexible.
Right now if you buy a house in ON , especially GTA , it will be very expensive & you will be buying at the PEAK . Prices are definitely coming down due to the bad economy. There won't be a crash, but a correction in the ridiculous house prices is definitely in the order in 2016 , especially in Vancouver & Toronto ( GTA ). Its already happening in Calgary.
If you are making a 15 % down payment and have a decent steady job & are buying within your budget, you should get the MTG. if its double income ( both spouses working ), it should be OK . Just go for a variable mortgage right now, the interest is less than fixed rate mortgage, and the rates are NOT going up any time soon, due to the economy.
Also you might have to go for a 25 year amortization, anything less might be too tight for you, although you will save in Interest if you go for a shorter amortization say 15-20 yrs. But the payments will be higher & the stress with it. You can always make a certain ( allowable & without penalty ) lump sum each year to reduce & pay off your MTG, usually its 10 % of the total MTG.
-
Mon, Jan 25th, 2016, 08:57 AM #13
- Join Date
- Mar 2010
- Location
- Canada
- Posts
- 11,052
- Likes Received
- 6201
- Trading Score
- 46 (100%)
https://www.ratesupermarket.ca/
compare rates here
-
Mon, Jan 25th, 2016, 09:05 AM #14
- Join Date
- Mar 2010
- Location
- Canada
- Posts
- 11,052
- Likes Received
- 6201
- Trading Score
- 46 (100%)
-
Mon, Jan 25th, 2016, 10:35 AM #15
There is one problem for some applicants applying for a variable. In order to be approved for a variable the interest rate used to calculate the ratios has to be the Bank of Canada benchmark rate which today is
4.64% Depending on the total income and debt load some will not qualify. They would be forced to go with a 5 year fixed which today is around 2.67% on average. The benchmark rate has to be used on 1-4 year fixed terms also.Ask me about the do-it-yourself mortgage -designed to save you even more money.
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)