British Expats - Home loans

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- - Home loans (https://britishexpats.com/forum/canada-56/home-loans-870423/)

Hi how easy have people found getting home loans in Canada.

Thanks

Quote:

Originally Posted by whizzer (Post 11833487)

Hi how easy have people found getting home loans in Canada.

Thanks

Hello and welcome to BE!

I've moved your post to the main Canada forum as you are more likely to get responses, the Maple Leaf forum is for 'off-topic' posts and it may not have got many replies.

First thing I need to ask is are you here on a TWP or as a Permanent Resident - or are you in the process of moving over? If you haven't moved over yet, I would encourage you to get a copy of your credit report and confirmation from your current mortgage lender / landlord that you have been in 'good standing' (meaning you haven't gone into arrears). These will help!

There's a good article in the wiki and also on the CMHC website there is information about 'newcomer to Canada' mortgages that might be of use - it also tells you what alternatives you can use if you don't have a credit report yet.

CMHC Quick Reference â€” Mortgage Loan Insurance Products
Mortgages-Canada : British Expat Wiki

Most of the main banks have mortgages for newcomers, both PR's and TWP holders, but you may be better going to a broker who can also access alternative financing.

StartRight Program for Newcomers | Scotiabank
Newcomers to Canada - RBC
Banking for Newcomers to Canada | BMO Bank of Montreal
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html

:)

thanks for that was i concern of the wifes in find a home in a new country.

to add to what has been posted above

Search the mortgage brokers rather than going directly to a bank. If it was me, I'd go for the lowest 5 year term variable, that would be in the 2% mortgage loan rate

Compare Canadian mortgage rates and credit cards - Find the best rates and cards in Canada - RateHub.ca

Compare mortgage offers and save time and money! | LowestRates.ca

We have found it super easy in the past. We are about to speak with someone about a new home loan/mortgage in the next month so we'll find out if things have altered much.

Ridiculously easy. They offered us way more than we asked for and approved us for an additional amount should we want to buy some toys to fill the garage.

Quote:

Originally Posted by cxx (Post 11834547)

Ridiculously easy. They offered us way more than we asked for and approved us for an additional amount should we want to buy some toys to fill the garage.

Is this a concern for the housing market?
Do they have responsible lending levels such as 20% deposit and multiples of income?
NZ tightened up with 20% deposit but forgot about multiples, so people piled on the debt when 30% annual price growth. Now they have multiples of 8 or 9 to service. Bugger if their tenants move out.

Quote:

Originally Posted by Parnell (Post 11834584)

Most of that information is in the links I gave in my post above (non bank ones)

:)

Quote:

Originally Posted by Siouxie (Post 11834588)

Most of that information is in the links I gave in my post above (non bank ones) :)

Hi Siouxie
Sorry I was not drilling down into mortgage information for myself, it was more a general observation/question about the market.
Thank you for taking the time to list the valuable links

Quote:

Originally Posted by Parnell (Post 11834584)

It didn't seem particularly responsible lending. I mentioned it to a bank manager and she said that she found the amounts people were approved for to be quite worrying but there was nothing she could do.

You should know/remember that Canada didn't need to bail out its banks at the last economic collapse, unlike the UK and the USA. Partially as a result of well controlled lending practices. These practices have not changed for the worse/deteriorated since that time.

Quote:

Originally Posted by plasticcanuck (Post 11835105)

The high price of oil and commodities during the financial crisis years of 2008-2011 rather flattered the strength of the Canadian economy and Canadian banks. If the global economy slides into the abyss again now that commodity prices have collapsed (and prices don't appear to have bottomed out yet), don't expect the coming 2016-17 financial crisis to be so kind to Canadian banks.

even on the historical oil prices going back 50 years, as well as in the most recent past 15 years, the Canadian banks have faired very well.

Historical Oil Prices: InflationData.com

Rock solid are Canadian banks - its only when the US screws themselves Canada takes a hit.

Then again, a new US president, likely a Republican, just maybe everything (hopefully) will get back to normal. In the meantime Canadian mortgage rates seem to be affordable.

The bigger question is, 'will Canada increase its prime bank interest rates & if so, to what level'?
.