haggis88

'Sup folks!

So basically I'm planning on buying my first house in the New Year, and am going about checking on mortgage providers.

Obviously the first place you go is your own bank, but ScotiaBank are uninterested in helping someone in my position (on a TWP but with PR application in final stages). Seems you need to either be brand new to the country or a full-fledged PR.

Am I likely to hit this wall with all providers? I do have a substantial deposit and a well-paying, full time permanent job.

I don't want to be renting for much longer, and if CIC are anything to go by then my PR application might not even be done by this time next year.

What are my options?

Thanks in advance

Tirytory

Scotia bank were so unhelpful! TD gave us a mortgage on a TWP with no PR application in and self employed with only two months behind us. Interest rate 2.5%....in hindsight maybe being turned down would have been a good thing for me

HTH

haggis88

thanks TT

i had been hoping to go with TD for a couple of reasons, my landlord uses them and they're very helpful...plus they accept aeroplan

why do you say being turned down would have been a good thing? is that not quite a good interest rate?

Novocastrian

I think TiryTory has been TitterTottering about committing to Canada longterm.

But on topic. Many years ago I also had no difficulty getting pre-approval for a TD mortgage even before PR had come through, just on the basis of an offer of permanent employment with confirmation of offered salary.

But that was then: this is now.

Tirytory

Ha ha....Novo is correct though! On thread, TD were very helpful... I really don't like Scotiabank. I keep meaning to get round to transferring everything over to TD.

Tootlepootle

We got avery god deal with a mortgage broker, we were only on a TWP. Some of the independent guys can be very helpful. Currently with RBC....

Siouxie

Go to a broker and mention 'CMHC Newcomer to Canada'. http://www.cmhc-schl.gc.ca/en/hoficl...r/hopr_008.cfm

You don't want to traipse around different banks as each credit rating request is logged.

I am surprised at Scotia as they have a TWP mortgage! I think it really depends on the customers service manager you see. http://www.scotiabank.com/ca/en/0,,225,00.html / http://www.scotiabank.com/ca/en/0,,4285,00.html

HGerchikov

Siouxie is absolutely correct, if you go round several providers and they all pull your credit file then it will impact your rating. A good mortgage broker can search for a product that works for you and only pull your credit once. Perhaps ask locally for recommendations.

Tony_Tiger

Hi Haggis,

If you go to the big four banks as a non resident you will have to put down 35% downpayment as a non resident. Don't be put off if the bank does not want to do it. Its more to do with the advisor. Also as mentioned above.. don't tootle around the banks and do a application, they will do a credit check every time you start an application. Your credit score will fall. Find an experienced mortgage broker, if your struggling shoot me a pm I know a couple of people in Calgary. BUT READ THE SMALL PRINT and FEES.

That being said, is it your first home in Canada? Look up the first home buyers program. Home Buyers' Plan (HBP)
You can take money out of your RSP. Up to $25k for the downpayment for your first home. Then you have 15 years to put it back. The advantages of this is that you get the tax break.
But the cash has to sit in your RSP DISA (DIRECT INVESTING SAVING ACCOUNT: Its like a holding account in the RSP but not invested) for at least 90 days before you take it out.

You might be held hostage with a high rate and being a non resident. If your sure your defo getting PR. Then as a non resident it might be worth getting a 1 or 2 year mortgage with a low rate, then once you get your PR, your mortgage will be up for renewal and you can shop around for a good rate and not be held hostage to a high rate because your not PR.
There are a number of options.

Your buying season will be around April-October (ish). I was looking around December new year last year. Wait, trust me. Buy May June lots of properties came on the market.

If you need any more info, shoot me a PM or meet me at the Ship and Anchor on 17th Ave for a beer..

Juggernaut1064

Scotia where very unhelpful with me too, i used a recommended mortgage broker to get a mortgage and was surprised that they set me up with Scotia lol
When i initially approached Scotia about a mortgage as they where highly recommended i offered to transfer all my banking to them also but they kind of turned their noses up ?
When i popped in to that same branch while i was in that mall i deliberately approached the mortgage rep and made damn sure he knew i got a mortgage with them, through a broker, and at 2.9% lmao wish i took a picture of his face lol
If your in the Edmonton area i know a good broker

Juggernaut1064

there are also "welcome to canada" mortgages so if your not a resident you need to get some advice OR miss out on that deal !

Juggernaut1064

heres a link to the people i used:

Blog | Innovative Mortgage Solutions

neilcumming

I got a mortage with RBC no problem when I was on a twp but I did put down a large deposit

Almost Canadian

How would a non resident have an RRSP?

haggis88

Many thanks for all the replies folks

Thanks Tony, I'll maybe take you up on that in the new year!

I do have an RRSP and am a resident, have been so since August 2012 - I thought I was allowed an RRSP so long as I had been earning and completed Tax Returns to get my allowance based on my income?