BexB

Hi,

I'm an in-betweenie, no longer being "new to Canada" (arrived July 2013), but neither having PR status yet (AOR received and for late 2015/early 2016).

Scotiabank (Lower Mainland, BC, if it's relevant) is not prepared to provide any funding support (for my son's university fees) whatsoever, despite our having established a good credit history and having a mortgage with them (including higher equity than when they first advanced us the funds).

I don't think this is a new phenomenon, but can anyone who has been in a similar situation (especially in Vancouver area) confirm those institutions they have found to be more helpful?

Thanks in advance.

withabix

What about a Line of Credit? Depends on how much equity you've got I guess.

I've heard from others that TD and RBC are more 'friendly' to newcomers when it comes to loans.

I haven't found Scotiabank to be very 'friendly' apart from the mortgage. I'm still stuck on a $500 credit card with them, despite having others with much larger limits (and at present a very large Scotiabank savings account balance...until the house is bought). To get them back, this year's challenge is to see how much cashback I can earn on that card without paying a cent in interest. That'll teach them! lol (I managed about $200 last year)

Where abouts in Maple Ridge are you by the way? We've just bought a place and are moving to Rock Ridge in May.

chrisro55

would agree TD and RBC are more "friendly" - RBC issued a $5k unsecured card after only 3 months on an open work permit (with the card expiring around the same time as the end of the permit)

not sure how much you're talking about, but perhaps a credit union? or maybe a co-op like Vancity?

scilly

I've heard Scotiabank is not very friendly, and I've had really bad experiences at Royal Bank trying to transfer money to my daughter's account

I even had to explain to one teller at RB what a Bank Draft was all about ...... and that it did not mean that it would take 10 days before she could access the money


We've been with BofM for over 40 years and are quite happy with them ............ although it can be a bit of a trial in Vancouver to find a fluent English speaking teller


Credit unions can sometimes be much better with regard to loans

BexB

Thanks for the reply. My wife and I are the same with our credit card limit ($1,000 each), we will often end up having to make more than one payment each month.
We live on 239 Street, just off 240. As you have obviously worked out, you get a bigger bang for your buck here, although given the number of new properties being built I think this supply may mean only moderate appreciation. Although to be honest we buy homes rather than houses. I think you'll be up in the mountains? Some great views. Hope the move works out okay.

BexB

I'm going to try Coast Capital, let's see what they're like.

withabix

We were looking for a 'forever home' and went slightly over our ideal budget to pay for a view and a 6000sq ft plot!

We mainly looked around Albion, but were always drawn to Silver Valley.

Supposedly Silver Valley will be built-out within 10 years, as will Albion....and then the developers will just move to Thornhill!

The house we are buying is 6 years old. The current owner bought new at the end of 2008 at the last peak in the market. Allowing for the GST he paid, what he has added to the house and the Realtor fee, he has made zero, or maybe even a slight loss. He's only selling because he lost his job in July 2014 and hasn't had one since. A fellow Brit and I think it was his 'forever home'...

Prices in MR seem to be back at their 2008 level. Demand does seem to be high though and the supposed experts say there is only a 3 month rolling supply. A buyer's market is supposed to be 7+ months and a seller's under 5.

There really isn't a lot on the market at all although it is only March!

JonboyE

I generally find the credit unions to be quite conservative lenders. I approve of that because I don't want them wasting my money.

But there is no harm in asking. In fact, it is worth spending some time asking at various different banking institutions. Most have a great deal of flexibility in their offerings if you can get to speak to someone with the authority to go beyond the basic policy.

scilly

we were quite happy to have our mortgage with a credit union .............. they gave it to us within 24 hours of our interview. We had been waiting over 2 weeks for RB to come to a decision.

I think the sticking point for the RB was that we did not want my salary to be considered.

We didn't see a problem, nor did the credit union ............ OH's salary was more than enough to cover the mortgage payments and living expenses