Which Bank should we pick for a mortgage?
Sep 15th 2018, 1:09 pm
#1
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Joined: Jul 2016
Posts: 18
Which Bank should we pick for a mortgage?
Hi everybody,
So in great news after 15 months, we have been granted PR from the UK. We will go for our soft landing trip next month, but wanted to make the best use of our time whilst we are there. We plan to actually move to Canada (Toronto) in August of 2019.
I wondered if anyone can help, we will look for a mortgage in the future in order to buy a house, but I've seen some banks offer newcomers with no credit history mortgages. Has anybody done this? are there certain things you need such as 50% deposit? any particular bank you think is best for newcomers?
Apart from opening a bank account and getting a SIN. Anything else we should consider doing as we don't plan to go back to Canada after our landing trip until we move fully.
Thanks
So in great news after 15 months, we have been granted PR from the UK. We will go for our soft landing trip next month, but wanted to make the best use of our time whilst we are there. We plan to actually move to Canada (Toronto) in August of 2019.
I wondered if anyone can help, we will look for a mortgage in the future in order to buy a house, but I've seen some banks offer newcomers with no credit history mortgages. Has anybody done this? are there certain things you need such as 50% deposit? any particular bank you think is best for newcomers?
Apart from opening a bank account and getting a SIN. Anything else we should consider doing as we don't plan to go back to Canada after our landing trip until we move fully.
Thanks
Sep 15th 2018, 9:48 pm
#2
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Joined: Jul 2014
Posts: 1,232
Re: Which Bank should we pick for a mortgage?
All Canadian banks have similar setups. People here will give different experiences with the banks but term, conditions and interest rates are much the same. The following Government website explains the mortgage rules when dealing with a bank.
https://www.canada.ca/en/financial-c...n-payment.html
one of the main criteria for mortgage approval is the ability to make the mortgage payments, so if not in gainful employment, approval is unlikely.
https://www.canada.ca/en/financial-c...n-payment.html
one of the main criteria for mortgage approval is the ability to make the mortgage payments, so if not in gainful employment, approval is unlikely.
Last edited by plasticcanuck; Sep 15th 2018 at 9:51 pm.
Sep 16th 2018, 5:43 am
#3
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Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Which Bank should we pick for a mortgage?
Newcomer Mortgage is what you should be looking for - it's a type of mortgage.
You can read more details about it (most brokers / banks can offer it): New To Canada Program - Products - Genworth Canada - Genworth Canada - Homeownership
https://mortgages.ca/new-to-canada-financing/
All the big banks are much of a muchness. The only thing I would recommend is that you go to a mortgage broker, rather than the bank.
You can read more details about it (most brokers / banks can offer it): New To Canada Program - Products - Genworth Canada - Genworth Canada - Homeownership
https://mortgages.ca/new-to-canada-financing/
All the big banks are much of a muchness. The only thing I would recommend is that you go to a mortgage broker, rather than the bank.
Last edited by Siouxie; Sep 16th 2018 at 2:53 pm.
Sep 16th 2018, 9:34 am
#4
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Joined: Jul 2016
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Re: Which Bank should we pick for a mortgage?
Thanks for this. Sounds much the same as the UK.
Sep 16th 2018, 2:56 pm
#5
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Joined: Sep 2017
Location: Halifax, NS
Posts: 345
Re: Which Bank should we pick for a mortgage?
As already mentioned, the big banks are virtually the same... once one makes a move the rest follow.
Have a look at the following link to the CMHC:
https://www.cmhc-schl.gc.ca/en/buyin...ng-information
It will outline a lot of the quirks in Canada that are different to the UK, such as needing to insure a mortgage if you borrow over 80% of the value. CMHC and Genworth tend to be the ones used for this insurance. There is also a section on condos which is worth a review if you are thinking that way.
I would echo the advice to go to a broker, although you can negotiate on the posted rate the bank advertise. They tend to have a floor, ceiling, and sweet spot for each deal. The mobile mortgage specialists can negotiate better deals again.
All the best with the move.
Have a look at the following link to the CMHC:
https://www.cmhc-schl.gc.ca/en/buyin...ng-information
It will outline a lot of the quirks in Canada that are different to the UK, such as needing to insure a mortgage if you borrow over 80% of the value. CMHC and Genworth tend to be the ones used for this insurance. There is also a section on condos which is worth a review if you are thinking that way.
I would echo the advice to go to a broker, although you can negotiate on the posted rate the bank advertise. They tend to have a floor, ceiling, and sweet spot for each deal. The mobile mortgage specialists can negotiate better deals again.
All the best with the move.
