beckington

Hey

I know I've read about some of you doing this before, but was hoping for more details. We are thinking of putting an offer in on a property in Canada - assuming we can get a mortgage. We should be exchanging on our house here soon (fingers crossed) so the idea would be to use the equity from that to put a deposit of over 50% down on the Canadian house - leaving a mortgage of about $140k. We'd be moving in January and hope (!) to find jobs soon, though we'd put enough aside to live on for ayear in case of no luck. Anyhow, I'm sure other people have been inthis situation and managed to get a mortgage. But with who? Our mortgage broker is having no luck. Any suggestions of particular banks to try?

(Honestly, we might give the house a miss anyhow, but I'd like to have the option!)

Thanks!

Cowtown

All you should need is a deposit of 35% of the value of the home. I would have thought a broker could find you something - perhaps you need a new broker. Your other option is just to walk into one of the main branches of the big banks - try TD. This might be one of those things that is on the managers discretion so an online application would not pass.

jcexit

Yes, as long as you have a minimum of 35% as a down payment and you can show that you have six months repayments you should be okay. But go to a broker not a bank: a bank will try to tie up your funds, a broker is happy to see that at the point of application you have enough funds to make the repayments. If you are in, or coming to, the GTA, and want to know the details of a broker I have introduced to many new immigrants in your situation please email me.

beckington

Perhaps we do need a new broker (we are moving to Halifax though, but thanks!). Sigh. One thing is that she's looking at lenders who have a non-resident program. Could this be the problem? From what she is saying there isn't many out there that do them. Is there any way to get around the residency thing? Technically, yes we are resident in the UK for now - but it's just a matter of months! My husband has permanent residency status. I'm a Canadian citizen. Presumably if we just wait until we move then it will be easier even if we don't have a job, but it just seems silly.

Grrrrrrr!

Charmaine

jcexit

Unless the rules are very different in Halifax and considering your financial situation I can't see why you would have a problem. For instance, I had a couple who came over in late May, did not land but stayed for a week as visitors. In that time they opened a bank account and agreed to buy a house. Closing on 2 September was a part of the Agreement of Purchase and Sale. They landed on 30th August and moved in on 2nd September. Their broker pre-qualified them before their first visit in May. Neither had a job to come to, nor a great lump of money to bring.

It's very important to bring with you your credit rating report as it saves a lot of time.

beckington

Will do with the credit rating - thanks. I wish things were so easy for us as they were for your couple! Ah well. We'll get there in the end. I hope!