Mortgages
#1
Mortgages
Hi Everyone,
Don't know if this is the correct forum to post this, but has anyone recently arrived in Canada had any problems getting a mortgage? and if they can shed any light on their experiences (good or bad) I would appreciate it.
Many thanks
Don't know if this is the correct forum to post this, but has anyone recently arrived in Canada had any problems getting a mortgage? and if they can shed any light on their experiences (good or bad) I would appreciate it.
Many thanks
#2
BE Enthusiast
Joined: Jan 2009
Posts: 715
Re: Mortgages
I was told unless i have a job, i would need to put down a deposit of 35% of the value of the property........
MR79
MR79
#3
BE Enthusiast
Joined: Nov 2008
Location: Was: Cullicudden, Scotland. Now: Hammonds Plains, NS
Posts: 352
Re: Mortgages
We were pleasantly surprised how easy we found it to get a mortgage when we arrived in January. From reading the forum we had expected to be asked for 35% down so I nearly fell off the chair when the first bank we approached asked for only 15%! Another was able to do it for 10% but at 15% we got a really good interest rate which we wouldn't have got for 10%. Where are you moving to?
#4
BE Enthusiast
Joined: Jan 2009
Posts: 715
Re: Mortgages
We were pleasantly surprised how easy we found it to get a mortgage when we arrived in January. From reading the forum we had expected to be asked for 35% down so I nearly fell off the chair when the first bank we approached asked for only 15%! Another was able to do it for 10% but at 15% we got a really good interest rate which we wouldn't have got for 10%. Where are you moving to?
If so please can you PM me the details....I am moving to Vancouver...
Thanks,
MR79
#5
BE Enthusiast
Joined: Aug 2005
Posts: 806
Re: Mortgages
I have a job, past probation, etc. Had a credit card for 10 months and cleared the balance monthly, no outstanding. Been in Canada slightly shy of 1 year (this weekend in fact...)
Was told last month I needed 10% as i didn't have enough history, and no, foreign histories didn't count despite having credit reports.
Was told last month I needed 10% as i didn't have enough history, and no, foreign histories didn't count despite having credit reports.
#6
Re: Mortgages
I have a job, past probation, etc. Had a credit card for 10 months and cleared the balance monthly, no outstanding. Been in Canada slightly shy of 1 year (this weekend in fact...)
Was told last month I needed 10% as i didn't have enough history, and no, foreign histories didn't count despite having credit reports.
Was told last month I needed 10% as i didn't have enough history, and no, foreign histories didn't count despite having credit reports.
#8
Joined: Mar 2009
Posts: 1,986
Re: Mortgages
In my experience the level of expertise around mortgages is not always that high, certainly in banks. I have been given quite a lot of incorrect information, partly as there is a tendency not to listen and partly from ignorance (and an absolute refusal to admit doubt or uncertainty). 'Financial specialists' seem to have to ask others an awful lot. A print out of their own web page usually helps the situation.
Last edited by lmartin999; Mar 22nd 2010 at 8:17 pm.
#9
Joined: Aug 2005
Posts: 14,227
Re: Mortgages
So how can anyone qualify for a mortgage without an income without committing some kind of fraud?
#10
Re: Mortgages
I am sure that the qualifying criteria have become stricter, it was the issue of foreign credit checks that I objected to. Mine were accepted with no issue at all.
#11
Joined: Aug 2005
Posts: 14,227
Re: Mortgages
I don't doubt it - though I expect it is hard work getting them accepted in some places depending on who you talk to and how ignorant or not they are of their own companies policies.
#12
Forum Regular
Joined: Feb 2008
Location: Aberdeen -> Calgary, AB
Posts: 162
Re: Mortgages
My Wife and I obtained a mortgage with BMO. They accepted a UK credit history report from Equifax. We both have jobs, but had only been in Canada for 4 months.
#13
Re: Mortgages
Different people have different experiences, and thats a lot to do with the way banks operate, its a combination of what they think of you as a risk and what you own.
Depending on who you speak to (their seniority) and the way you interact with them, plus what assets you have with you, will have an effect on what the Bank offers you.
Depending on who you speak to (their seniority) and the way you interact with them, plus what assets you have with you, will have an effect on what the Bank offers you.