JCSUPERMOTO

Pm sent!!!

act1980

Shelley748,

I PM'd you a few days ago. I just wondered if you go it ok?

Thanks

act1980

jackiewalters

Hi Shelly I have been trying to pm you but cant seem to get it to send? I have a few questions for you, how long do you have to build up your credit rating for before you can apply for a mortgage?

Also if I came over with a good sized deposit could I apply for a mortgage straight away?

shelley748

are you clicking on my name? Have received loads of other PM's, not sure why you cannot get through.I will PM you and then maybe that will help.

destinationnovascotia

We were offered a mortgage before we even moved here. We went to open accounts with HSBC on a recce trip and they were prepared to give us a mortgage straight away if we had a good deposit. We didn't even want one -they just offered!

shelley748

Yes I did- apologies to all- we were without power for 2 days due to the storms over Ontario- like a hurricane- neighbours 2 doors down had big pine tree fall down in yard and crush their car..

I have replied to you PM- so let me know if you get it ok..

shelley748

Its possible through your bank if thats what they have told you- but generally speaking no lender will approve you until you are here, if you are going for the Perm Res category- if you are just coming over on a visa,10% is the minimum down payment for newcomers program. The chances are that the lady at HSBC offered you a pre approval- which is basically an idea of what they can do for you.To be approved for a mtg, you must show a lot of things, credit bureau, proof of downpayment, proof of income/job, appraisal required for house and final approval from CMCH as they are the underwriting iinsurance company- so sorry to dispell your belief but I doubt that you were offered the full byriani...

destinationnovascotia

Sorry, you are wrong.

We had a mortgage offer when we bought a house before we moved over here on a work visa. We were approved for quite a large amount up the 70% of the cost of the house. As it happens we chose a house which cost less and didn't need it. Instead of this the bank put a very generous line of credit on our account just in case we needed it for our moving expenses.

We had obviously produces credit and bank references prior to opening our accounts so they were already on file.

Oh.... and my friend who is also here on a work visa got a 95% mortgage after being here for less then 6 months.

I am sure that what you are saying is true where you work, but it obviously varies from one place to another

shelley748

Your friend would have been fine for a mtg after 6 months on a work visa... thats usually the case- you had not mentioned to me that you had already produced credit bureau and references, anyway thats great I am very happy that you have everything arranged... under a work visa you have to put down a minimum of 10%, so the fact that you had put down a greater downpayment is what acted in your favor-things have changed a bit since September 2008 because of the credit crunch in the USA things have tightened up a lot- no longer are we offering 40 years amortizations for example... good luck with your new life here- heres hoping 2009 is a great year for us all!

destinationnovascotia

I think that it's fairly standard protocol to need credit references to open any accounts over here so most people would do that automatically. It has been discussed on here many times.

The info I provided was merely in response to the question asked by Jackie Walters which were:

"How long do you have to build up your credit rating for before you can apply for a mortgage?"
and
"If I came over with a good sized deposit could I apply for a mortgage straight away?"

The answers to her questions are:

1. You don't have to wait to build up a credit rating before applying for a mortgage.

2. You can get a mortgage straight away if you have a good sized deposit.

I hope that this clarifies things.

shelley748

Thats right cos we can access your UK credit bureau..you do have to have a job though to get a mortgage...things have changed since October 2008 , so just be aware.. Canada is taking steps and has taken steps to make sure that the mortgage market is strong, unlike the USA.

cov-canuck

You are getting some really weird advice from somewhere - you shouldn't need to take a pay cut, despite the lack of Canadian experience. We certainly didn't (actually, we were underpaid in the UK, so we earned more here). I know that Canadian experience doesn't even come into play at all when we hire (software company), although we do require that the people are actually physically IN Canada. Obviously this depends on the type of work you do - an electrician or similar might have some issues.

act1980

Hi,

We actually went into a Robert Half employment agency in Mississuaga while we were visiting in April. That's what we were told by one of the recruitment women there.

Are you telling me that we could go over to Canada and pick up where we left off here? We were told we would have to get work in a lower position and work our way back up again therefore taking a pay cut.

My Fiancee is a part qualified Accountant and I was in Purchase/Sales ledger

rgilbert

We got our mortgage through a broker working directly for Scotiabank. She was able to offer a much better rate than if we walked straight into a branch of the bank. The rates she offered were as good as a broker (not tied to a bank) was able to get us. I think some of the other banks also have similar people working for them as I think I have read on here than one person used one from the RBC.

destinationnovascotia

Judging by her other posts she definitely has a job offer.