General Mortgage Advice Needed
#1
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Have moved provinces (not for the first time) and am buying a house, again not for the first time, I've bought and sold properties in Quebec and Ontario.
This time however the mortgage people are saying that because I'm here on a WP, I fall under the CMHC umbrella. This which means I have to fork out a one off insurance period of of over a grand to get mortgage approval.
This has not been required for my previous mortgages, I'm borrowing well within my means and putting my own money (over 30% of the house price) as well. I've never missed a mortgage payment and have paid off the previous mortgages in full (plus any penalties) when I moved. In 3 months I qualify for the accelerated skilled worker permanent residence scheme which i fully intend with my employers support to go for.
Have the rules on mortgages changed recently or am I getting shafted?
This time however the mortgage people are saying that because I'm here on a WP, I fall under the CMHC umbrella. This which means I have to fork out a one off insurance period of of over a grand to get mortgage approval.
This has not been required for my previous mortgages, I'm borrowing well within my means and putting my own money (over 30% of the house price) as well. I've never missed a mortgage payment and have paid off the previous mortgages in full (plus any penalties) when I moved. In 3 months I qualify for the accelerated skilled worker permanent residence scheme which i fully intend with my employers support to go for.
Have the rules on mortgages changed recently or am I getting shafted?
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#2
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Have moved provinces (not for the first time) and am buying a house, again not for the first time, I've bought and sold properties in Quebec and Ontario.
This time however the mortgage people are saying that because I'm here on a WP, I fall under the CMHC umbrella. This which means I have to fork out a one off insurance period of of over a grand to get mortgage approval.
This has not been required for my previous mortgages, I'm borrowing well within my means and putting my own money (over 30% of the house price) as well. I've never missed a mortgage payment and have paid off the previous mortgages in full (plus any penalties) when I moved. In 3 months I qualify for the accelerated skilled worker permanent residence scheme which i fully intend with my employers support to go for.
Have the rules on mortgages changed recently or am I getting shafted?![Confused](https://britishexpats.com/forum/images/smilies/confused.gif)
This time however the mortgage people are saying that because I'm here on a WP, I fall under the CMHC umbrella. This which means I have to fork out a one off insurance period of of over a grand to get mortgage approval.
This has not been required for my previous mortgages, I'm borrowing well within my means and putting my own money (over 30% of the house price) as well. I've never missed a mortgage payment and have paid off the previous mortgages in full (plus any penalties) when I moved. In 3 months I qualify for the accelerated skilled worker permanent residence scheme which i fully intend with my employers support to go for.
Have the rules on mortgages changed recently or am I getting shafted?
![Confused](https://britishexpats.com/forum/images/smilies/confused.gif)
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Have moved provinces (not for the first time) and am buying a house, again not for the first time, I've bought and sold properties in Quebec and Ontario.
This time however the mortgage people are saying that because I'm here on a WP, I fall under the CMHC umbrella. This which means I have to fork out a one off insurance period of of over a grand to get mortgage approval.
This has not been required for my previous mortgages, I'm borrowing well within my means and putting my own money (over 30% of the house price) as well. I've never missed a mortgage payment and have paid off the previous mortgages in full (plus any penalties) when I moved. In 3 months I qualify for the accelerated skilled worker permanent residence scheme which i fully intend with my employers support to go for.
Have the rules on mortgages changed recently or am I getting shafted?![Confused](https://britishexpats.com/forum/images/smilies/confused.gif)
This time however the mortgage people are saying that because I'm here on a WP, I fall under the CMHC umbrella. This which means I have to fork out a one off insurance period of of over a grand to get mortgage approval.
This has not been required for my previous mortgages, I'm borrowing well within my means and putting my own money (over 30% of the house price) as well. I've never missed a mortgage payment and have paid off the previous mortgages in full (plus any penalties) when I moved. In 3 months I qualify for the accelerated skilled worker permanent residence scheme which i fully intend with my employers support to go for.
Have the rules on mortgages changed recently or am I getting shafted?
![Confused](https://britishexpats.com/forum/images/smilies/confused.gif)
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#5
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The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment. Other than that I believe the lenders can decide for themselves who has to have insurance and who does not. As has been seen on this site recently, On TWPthe risk to the lender is higher if you lose your job. The other option is wait the 3 months until you have PR before getting a mortgage or check out other lenders.
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