Mortgages in Vancouver
Jun 13th 2009, 4:01 am
#1
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Location: Richmond, BC
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Mortgages in Vancouver
Has anyone recently been able to obtain a mortgage in Vancouver.
The banks all seem to want a 35% down payment, which we thought was quite high! Is this the norm?
Any advice would be great - we're wondering whether we should just rent for the time being... long enough to build some credit history.
Been in Vancouver a week and loving it!
The banks all seem to want a 35% down payment, which we thought was quite high! Is this the norm?
Any advice would be great - we're wondering whether we should just rent for the time being... long enough to build some credit history.
Been in Vancouver a week and loving it!
Jun 13th 2009, 7:19 am
#2
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Re: Mortgages in Vancouver
Up to a certain level you need to get mandatory mortgage insurance and to get that you have to convince the insurer that you won't need it; I forget the precise number, but it may be as high as 35%.
Jun 13th 2009, 8:36 am
#3
Joined: Dec 2008
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Re: Mortgages in Vancouver
Need any info on van, hit me up. Welcome, by the way.
Last edited by dboy; Jun 13th 2009 at 8:42 am.
Jun 13th 2009, 12:11 pm
#4
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Location: Winnipeg, Manitoba
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Re: Mortgages in Vancouver
35% is fairly normal for a new immigrant without a credit history.
Once you have established a credit history you will, if you wish, be able to borrow up to 95% of the appraised value of the house.
Once you have established a credit history you will, if you wish, be able to borrow up to 95% of the appraised value of the house.
Jun 13th 2009, 4:01 pm
#5
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Re: Mortgages in Vancouver
A 65% loan (35% down payment) is the maximum a bank will go without qualifying the borrowers. Above that and they will want some credit history, proof of income and so on. Less than that then they don't care. If you default on the mortgage there is sufficient equity in the house so they can be sure of getting their money back.
Renting at first is a seriously good idea. Moving is an expensive business and I am 90% certain that in a year's time you will a have completely different idea of where you want to live than where you think you want to live now.
Renting at first is a seriously good idea. Moving is an expensive business and I am 90% certain that in a year's time you will a have completely different idea of where you want to live than where you think you want to live now.
Jun 13th 2009, 6:50 pm
#6
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Joined: Nov 2004
Location: Sunshine Coast
Posts: 332
Re: Mortgages in Vancouver
A 65% loan (35% down payment) is the maximum a bank will go without qualifying the borrowers. Above that and they will want some credit history, proof of income and so on. Less than that then they don't care. If you default on the mortgage there is sufficient equity in the house so they can be sure of getting their money back.
Renting at first is a seriously good idea. Moving is an expensive business and I am 90% certain that in a year's time you will a have completely different idea of where you want to live than where you think you want to live now.
Renting at first is a seriously good idea. Moving is an expensive business and I am 90% certain that in a year's time you will a have completely different idea of where you want to live than where you think you want to live now.
As has already been said, 35% down is the norm when you don't have a canadian credit history. If you want to put less down then renting for a while is a good idea not only so as to establish your credit history but also to confirm you are where you want to be.
Once you have been working here for a few months - beyond any probationary period - then you may be able to put less down. The mortgage broker we recommend has certainly been able to find mortgages here in Vancouver (and all over Canada for that matter) for people fairly recently arrived and with less money to put down. So it is possible
Warmly,
Frank
Jun 13th 2009, 7:34 pm
#7
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Location: 100 mile house BC (tiz a long way away from devon)
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Re: Mortgages in Vancouver
Hi
When we got ours two years ago BMO were doing an 'new Immigrant' mortgage, might be worth checking into.
cheers
Jerry
When we got ours two years ago BMO were doing an 'new Immigrant' mortgage, might be worth checking into.
cheers
Jerry
Jun 13th 2009, 8:02 pm
#8
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Location: Richmond, BC
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Re: Mortgages in Vancouver
Thanks for all info and advice - much appreciated!!
Jun 13th 2009, 8:31 pm
#9
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Joined: Jan 2006
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Re: Mortgages in Vancouver
Get yourself a mortgage broker - you'll get a much better rate. Our mortgage is with TD through a broker and is way under what we were quoted when walking into a branch of TD. Crazy - but thats how it seems to work. I'll PM you the name of the guy we used - he was very good.
Jun 14th 2009, 4:13 am
#10
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Joined: Nov 2004
Location: Sunshine Coast
Posts: 332
Re: Mortgages in Vancouver
Get yourself a mortgage broker - you'll get a much better rate. Our mortgage is with TD through a broker and is way under what we were quoted when walking into a branch of TD. Crazy - but thats how it seems to work. I'll PM you the name of the guy we used - he was very good.
Happy to recommend Keith Baker - e-mail: [email protected]
tel: +1 604 723 5363
http://mypowermortgage.com/
Warmly,
Frank
