sukhy2

Hello

I was hoping someone could reccommend a broker to me.

I have been in Toronto for 6 months, I have been working for 2 months now for a top 3 bank here in Canada.
My problem is that ING or other banks wont accept me for a mortgage because I have no little credit bureau data. Has anyone been through the same experience, and ideas what my next steps should be. I have had an offer accepted on ahouse, which is 269500 and am prepared to put down 35% downpayment.
Still banks shy away from me!

HELP!

Sheila and Andy

Have you tried armed robbery?
That sometimes works.

flashman

Basically you have to borrow some money and get in debt even if you don't need it to establish your credit worthiness. Credit cards or borrowing to buy a car are a good start

Mans

I am still in the UK but purchased a property in Oakville....completed on 1st of June. I was given a personall recommendation to someone who works for TD Bank. All went through very smoothly....great rate and no charges!.
Happy to recommend her if you want details.

Rgds
Mans

Rich_007

[
Hi,

This is odd - we have two mortgage pre approvals one from HSBC another via an independent broker (no fee charged to us), based on variable properties from 35% to 75% deposit down. That's with no Canadian credit history or rating, etc. However, it is with a decent job in place on arrival and proven evidence of the $ capital and the offer of employment letter, references from our UK mortgage lenders and UK bank (15 years with them).

Keep looking around, you MUST be able to get a deal at 35% and you SHOULD get a deal at 0.75% below prime rate at 35% down, unless it's 35% of mega$'s. Don't just settle for prime with 35% cash.

I had read somewhere that there was some federal scheme involving the banks where immigrants were fast tracked on some special deal with >=35% down but I never came across the detail anywhere...perhaps an urban myth ?

Rich.

QUOTE=sukhy2]Hello

I was hoping someone could reccommend a broker to me.

I have been in Toronto for 6 months, I have been working for 2 months now for a top 3 bank here in Canada.
My problem is that ING or other banks wont accept me for a mortgage because I have no little credit bureau data. Has anyone been through the same experience, and ideas what my next steps should be. I have had an offer accepted on ahouse, which is 269500 and am prepared to put down 35% downpayment.
Still banks shy away from me!

HELP![/QUOTE]

Atlantic Xpat

Wont the Top 3 bank you work for lend you the money? Will they give you a letter stating your job and salary? Are you a PR or on a work permit?

I bought a house at a similar price with a similar deposit after 3 mths residence in Canada. I used Centum mortgage brokers www.centum.ca .
I have a house in the UK that I am selling and had to provide proof of equity. I also got an equifax credit rating report for my Uk credit status.

HTH,
AX

Mans

As I said, I have bought in Oakville though still in the UK. I have no SIN, Job, credit history etc etc. However through TD i got a deal where i put down 35% and had fixed rates available for 1 year at 3.6%, 2 yrs at 4ish% ... i opted longer term 3years at 4.25% fixed as rates may rise in Canada????

I did contact some independent brokers though found my direct contact with TD very useful and somehow got preferntial rates on what was advertised.

Rgds
Mans


Rgds
Mans

sukhy2

Thank you for your help and encouragement.

Mans - Could you please provide me details about this contact of yours?
Rich_007 - Could you provide details of the HSBC person.

I got a approval yesterday from BMO, 5 year fixed 4.55%, not bad, but I know better rates exist out there. I still have 2 months before closing, but I just want to get this settled.

Once again, Thank you all for your help.