JAGUAR7

does anyone know were i can get a mortgage.
i have been here 2 years and at the last stage of my PR.just waiting for my medical request.up to now i have been staying in hotels when ive been having time off,and too be honest im tired of spending the money on a hotel,when it can be used on a mortgage payment.
the problem is,because im still on a work permit,im struggling to find a mortgage.
i havent got much in the way of a deposit,but can have maybe a 5% deposit

Zap0ne

Not to sound facetious but have you approached your bank?
As you have been here working, I am sure that the bank would have a record of your employment. Most banks can put you in contact with there Mortgage Expert pretty readily.

Have you contacted a qualified Mortgage Broker?
They might be able to shop around for a good rate for you.

Silverdragon102

We signed our mortgage day after we arrived in Canada but started the process month before with a mortgage broker and she got a really good deal for us so would agree maybe having words with a couple and see what they can do for you.

sidney87

i think in your situation only a broker might get you a mortgage
not sure where you live and the only one i know is in quebec:
http://www.multi-prets.com/en/index.aspx

JAGUAR7

thanks for the replies.i have spoken to rbc.they said,because im not a permanant resident i wouldnt be able to get a mortgage.

Geordie Lass

Can you not rent somewhere? that must be cheaper than hotels???

JAGUAR7

forgot to say.rbc said i couldnt have one unless i have a 20% deposit
as far as renting goes.i think its dead money,and what i would pay in rent,a mortgage will be cheaper

sidney87

that's what happens when you go to the bank and why i advised you to go to a broker

JAGUAR7

thanks sydney.ill do that when i get back too lethbridge

HPJOS

I used to think rent money was dead money too but...

If something breaks, I am on the hook, I can't make a call to a landlord. There is an additional stress and means the savings you create can't be used for all fun stuff such as vacations, you need to keep money aside for home maintenance - furnace cleaning, replacing carpets, furnaces, water tanks, roof. My colleague who lives in a condo unit has been told this month her building has a "special assessment" and on top of the condo fees she pays ($350 a month) another $10k to repair the roof.

If I (all of a sudden) needed to move, I would be paying in excess of $15k in commission to sell the house.

Owning a home isn't everything and while I would not want to be contemplating renting while in retirement it does serve a purpose. Save up for that bigger deposit, then you can have more bargaining power when looking for a mortgage. Anything under 20% deposit and they'll add mortgage insurance too, on a sliding scale granted but with only a 5% deposit you will be looking at an extra $5k on your $250k mortgage.

Or, you could always look for an assumable mortgage. Not sure what the rules are in all the provinces but I know in Alberta you can get them. This is where you literally "assume" the mortgage of the current owner & pay them the difference between the mortgage balance and what you agree to pay for the home.

Good luck

Geordie Lass

Fair point but it's cheaper than hotels so say your PR is 6 months from coming through or you need to save more before you can buy then wouldn't you be better to rent for 6 months than pay for hotels for 6 months?

I don't see your logic here....

HGerchikov

There was a similar thread a few days ago - here is my response
There are products out there that allow people on temporary work permits to get mortgages with as little as 5-10% down. I give details of one as an example

Borrower qualification
· Must have immigrated or relocated to Canada within the last 36 months
· 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
· Must have a valid work permit or obtained landed immigrant status
· For 95% LTV, down payment must be from own resources. For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy.
· Guarantors are not permitted.

I got this info from a mortgage broker - they are based in Ontario, not sure where you are. PM if you want more info.

YYZlover

I would like to know more about this. A good mortgage bbroker in Toronto, used to dealing with immigrants on TWP or eve student visa would be fantastic. Please PM me names and contact details. I'll be heading out in a couple of weeks.

Silverdragon102

I live in Nova Scotia so know nothing about Toronto but I am sure other members will help