Jimjoiner

Hi all

I have just read the Wiki on mortgages - very helpful!! And I realise that the immigration page may not be the correct place for this question - so sorry!!

BUT - I have a very basic question which i would like confirmation on if at all possible...
I have just got a second positive LMO and wioll shortly be embarking on a 2 year TWP -with an application going in shortly for PR under the Canada experience Class...
Are there restrictions on mortgage offers/deals if your status is just temporary? Logically if you can make the repayments there shouldn't be an issue, and we have a high percentage deposit (70%+) - but I thought I had better check before we get too excited about buying a house.

Thanks everyone!!

JJ

JonboyE

If you are putting 70% down then you should have no problem getting a mortgage for the balance.

chiefmissile

You might want to check out Manulife one account, this is a very flexible product that encompasses all your spending and saving in one place, really good if you have a lump sum to add to your account, much like the Virgin one account. Works on a variable rate or mix and match with variable and locked in rates from between 3.5% and 2.9%, interest only on the variable part, repayment on the locked in part. Great if you have a lump sum or will have house sale proceeds from the UK still to come to Canada.

Regards

Andrew

JGK

Normally, if you have more than a 20% deposit you're OK.

However, even though this was the case for me, I was still obliged to take out a one-off CMHC insurance policy (because I was on a TWP).

It added ~$1500 to the costs

This was in Saskatchewan with CIBC. The same was not true in Ontario where my mortgage was with TD.

DandNHill

Until you have PR you can only buy two houses... We had to rent house no3 until our PR came through