Linda P

Sorry I should have said that was basing it on a $400 property.

It was Capital City Savings.

Linda P

Calgal

Unless the rules changed recently - that's the cost of a low downpayment mortgage. The insurance squibbler is talking about does not 'benefit' the homeowner - it's there to protect the lender from the homeowner defaulting. If you want to borrow more than (used to be 85%, may have changed) then you HAVE to buy the insurance; the premium can be added to the amount borrowed, if you wish.

mels123

How do you afford to pay two mortgages? I see that some still have their property in the UK and have bought a house in Canada. There is no way we could afford to do this; I presume you have tenants in to cover the UK mortgage?

Sorry, just interested how people manage this.

Mel

eferreira

Thanks for the link.
One of the requirement in this bank is "3 months minimum full time employment in Canada".
Is this 3-month wait after employment the standard? or are there other banks which require more time?
Regards,

Butch Cassidy

We were offered mortgages with Two banks, no need for employment, no need for 35% deposit.

You just need to find the right bank manager or the right mortgage broker IT CAN BE DONE.

SarahBC

Hi guys,

We purchased a house in BC within 6 months of arriving - we're on a work permit.

We scraped together a 10% deposit, and purchased our home. It was a struggle as we didn't have a house to sell as we left the UK.

We had to pay the insurance premium that other answers have mentioned. However, we thought this was worth the cost as it got us out of the renting cycle.

We are about to have our house re-valued. We suspect it has increased in value in excess of $60,000 or $70,000 since we bought it in November. This may take away the need to have the insurance premium as the ratio of value verses loan has changed.

We had our mortgage through our local credit union. Our Advisor has been brilliant and made the process very straightforward. She has even advised us that we can do equity release if we wish.

So my advice is, check out your local credit union if you are considering a mortgage.

Calgal

You'd have to ask those who have got a house in each Country.

We have two mortgages here - but hopefully not for too much longer (anyone wanna buy a house? )

kt0157

Who said that murderers don't pay their loan installments on time? Maybe that's why they kill: to raise the money to meet the student loan payments..

It's a bit like in the UK with 80% vs 95% vs 100% mortgages: the equity stake you have is a measure of the risk to the lender, the more equity he can seize the lower the risk and the interest rates.

OK, so it would be nice if financial institutions gave you the choice, but being treated badly by a large Canadian institution is something you have to get used to.

K.

Steve_P

No ta.

Already got one.

You could always hope for a bidding war.

My aunt up in Edmonton has a friend who had an old wartime house. Decided to sell. Put it on the market at $180,000 had open house, lots of interest, bidding war breaks out, sold for $230,000.