|
General Mortgage Advice Needed
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: |
Re: General Mortgage Advice Needed
Originally Posted by JGK
(Post 8255123)
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: |
Re: General Mortgage Advice Needed
Originally Posted by JGK
(Post 8255123)
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: |
Re: General Mortgage Advice Needed
Originally Posted by AmyDavid
(Post 8255135)
Is this just one mortgage company telling you this or lots?
|
Re: General Mortgage Advice Needed
Originally Posted by The Aviator
(Post 8255176)
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.
|
Re: General Mortgage Advice Needed
Originally Posted by JGK
(Post 8255183)
It's the CIBC which is, ironically, my own bank. All my previous mortgages were with the TD.
|
| All times are GMT -12. The time now is 9:28 pm. |
Powered by vBulletin: ©2000 - 2026, Jelsoft Enterprises Ltd.
Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.