Mortgage on a work permit
 

Hi Everyone... hands up in self defence mode but I am tying myself in knots trying to find the answers that I know are around somewhere here :D

We're having trouble selling our property here, which means we may have to rent it out, which is a bit of a bummer as we'll lose the additional $40,000 which we could put down on a mortgage as we're going to have to use some of the equity here .... ho hum :(

What I need to know is, do we have to have the 35% if we are on a work permit or are we ok with a smaller deposit because hubby has a job already? I sure hope so cos house prices are going up so much it looks like we're only going to be able to afford a shoe box as it is LOL :D

Thanks and no shooting please :)

Re: Mortgage on a work permit
 

With a SIN number beginning with 9, getting any kind of credit in Canada may be difficult. Not impossible,but more difficult than usual.

Re: Mortgage on a work permit
 

Really? So, not likely for mortgage then?

Re: Mortgage on a work permit
 

See what others say.
Note I did say "difficult" not "impossible"

Re: Mortgage on a work permit
 

Thanks JAJ, will do

So, as Anthony Hopkins said to Tom Cruise - "it's mission impossible Mr Hunt not mission difficult - difficult should be a walk in the park" :)

Luckily this message will not self distruct in 5 seconds LOL

Re: Mortgage on a work permit
 

we've got one arranged, theres a new thing out where you only have to put 10% deposit down, I think the scheme is some sort of Gov scheme, anyway our mortgage broker new about it and we complete on our house the day after we arrive (so thats a week today) anyway I hope someone will have more details about what I'm on about because my heads a bit mushy with the move.

Re: Mortgage on a work permit
 

[Hi
We managed to get a mortgage even though we're only here on hub's work permit. It's only a one year permit that expires in Dec, (thankfully in the process of being renewed), but we still got a good 'deal' through a mortgage broker. Granted we are putting down a hefty deposit but it wasn't a problem since we were able to provide a letter from hub's company, bank references etc.
Good luck, it is 'doable'.

Re: Mortgage on a work permit
 

We got a 'Line of Credit' on our (9) sin numbers/work permits with very little difficulty - the downside is the credit (prime) rate was 4.25% when we signed up last year - it has now risen to 6% :scared: The good thing is you can pay just the prime rate or as much as you want over the prime.

Re: Mortgage on a work permit
 

Thanks guys that's reassuring to know some of you have done it... we're hoping to put down a 15-20% deposit so hopefully a broker will be able to help us

Re: Mortgage on a work permit
 

The mortgage broker we have been dealing with reckons we will only need to put 10% down. I have pm'd you re the broker we have been speaking to.