Hi Guys,

I noticed there were a few 'rent or buy' threads around so I thought I'd let you know about our experience.

We arrived in Toronto 3 years ago and my wife was on a study visa and I had an open work. We needed to buy as we have 3 large dogs and no-one would rent to us. So we found a mortgage broker who was more than happy to help and he found a private mortgage for us directly with a builder. The deal was 10% down and 6% fixed for 2 years. We knew this was high but had no choice really.

We are now both on TWP's and have just got a new mortgage with a credit union. We did have to find a 20% deposit but our rate has lowered to 3.9% and luckily our house has appreciated by about 10% over the past 2 years.

Overall the experience with credit union has been very good and we now have a mortgage, line of credit and credit card all with them. If a traditional bank cant help you then I would recommend trying a credit union. The big test will be in March when we want some borrowing for a new car

I guess the morale of this story is that it is possible to get credit/mortgages on TWP's but you need the initial capital to outlay.

Chris

That's interesting, thank for posting.

Ailsa went to a bank while she was over there and they wanted 20% down. 10 is far more plausible. And as you say, you can always re-negotiate a mortgage one you get one.

Speaking to several mortgage advisors and banks it seems that the down payment is governed by your credit score and has we didnt have one they needed 20%. Hopefully when we get PR then it will be 5 or 10%