brigham

Hi folks,
Just moved over from the UK, good job, 2 year temp. visa, rental accom. Been told that there is no 100% mortgage we can get until we get citizenship, is this right? Can I get a loan out and use that as deposit?
In Calgary, house prices are shockingly high and no way can I get a 25% deposit, I can't even scrape together 5%

Any help would be appreciated

ray1968

Maybe no way until you get landed status not necessarily citizenship -- the rules for 100% mortgages are fairly tight and likely to become moreso as a result of the disaster in the US

markhelen

agree with the above, you are no way gonna get a 100% mortgage if you are here temporarily, no bank would take the risk of you doin' one back home and defaulting!!! the house prices are very high, they have almost doubled since we first applied in '04 but there are some nice condo's around for sensible (!) money if you look hard. airdrie and okotoks are more sensibly priced but that means a commute. you pays yer money etc..........

Mark

brigham

thanks, it's Airdrie where I'm renting and working (not the crisp factory!!) just now and really want away from the big city.
I'm not thinking about being here temporary, it's all the visa my work paid for to get us over here, their lawyer has said be here a year and he'll fast track PR. So I can assume no big mortgage till PR

Thanks again

MB-Realtor

You can get a mortgage without PR, it will depend on your job and credit rating.

Talk to a local mortgage broker and your bank, they will be able to give you the best advice.

PROLLINSON

Hi

Go to your Bank and ask to speak to a Mortgage Specialist (They can do deals by thinking outside the box compared to a account manager) or ask to speak to their Alternate Mortgage Solution dept (Thats RBC's terminology). Might have to go into Calgary - Or see a Mortgage broker.

Downpayment is the key (100% is available but meeting the criteria is hard)


Phil

brigham

[QUOTE=PROLLINSON;5188144]Hi

Go to your Bank and ask to speak to a Mortgage Specialist (They can do deals by thinking outside the box compared to a account manager) or ask to speak to their Alternate Mortgage Solution dept (Thats RBC's terminology). Might have to go into Calgary - Or see a Mortgage broker.

Downpayment is the key (100% is available but meeting the criteria is hard)

thanks for all contributions, it's been a help. Its the RBC I bank with in Airdrie, so I'll give them a try. You've all given me hope now,