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Appyling for a mortgage in Ontario - but am not employed - can it work?

Appyling for a mortgage in Ontario - but am not employed - can it work?

Old Feb 6th 2005, 7:45 pm
  #1  
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Question Appyling for a mortgage in Ontario - but am not employed - can it work?

Hello,

At the end of next year, I plan to move to Canada with my hopefully then sponsored boyfriend. ( we plan to send off all applications this summer - will that grant us enough time?)

At the moment, we live in Amsterdam and due to my work permit being delayed, I cannot work.

We hope to purchase a house in Toronto (or area) pretty much withing a few months of arriving (say Jan/Feb 2007).

However, I am not sure if we'll qualify for a mortgage, seeing as he is the only one with a current income, and we're looking at purchasing a house/apartment for no more than 235,000.

Of course, I will work once we arrive in Canada - that's no problem.

Do you have any ideas or have you had any experience with this? I would greatly appreciate it.

Fluffy
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Old Feb 6th 2005, 8:01 pm
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Default Re: Appyling for a mortgage in Ontario - but am not employed - can it work?

Here's our story:

Still in UK.
Made contact with BC broker last year.
Sent all background info, completed forms, sent UK bankers and mortgage lenders' letters of approval to them.
Mortgage offer is provisionally approved.
Immigrants should be pre approved to 33% deposit/66% loan ratio (according to some government pledge or something).
All we need to do is prove cash came from sale of house, by sending broker copy of conveyancing documents and final statement, statement from mortgage lender that account is settled etc.
Then show broker copy of Canadian employment contract and other stuf flike first wage transaction going in to Canadian bank account.
We also worked out projected monthly incomings and outgoings to prove we could afford the mortage loan.

Hope this helps. It's pretty simple once you get talking to them, they'll mainly tell you what you need to do.

Rich.


Originally Posted by Fluffy Boogie
Hello,

At the end of next year, I plan to move to Canada with my hopefully then sponsored boyfriend. ( we plan to send off all applications this summer - will that grant us enough time?)

At the moment, we live in Amsterdam and due to my work permit being delayed, I cannot work.

We hope to purchase a house in Toronto (or area) pretty much withing a few months of arriving (say Jan/Feb 2007).

However, I am not sure if we'll qualify for a mortgage, seeing as he is the only one with a current income, and we're looking at purchasing a house/apartment for no more than 235,000.

Of course, I will work once we arrive in Canada - that's no problem.

Do you have any ideas or have you had any experience with this? I would greatly appreciate it.

Fluffy
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Old Feb 6th 2005, 8:31 pm
  #3  
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Default Re: Appyling for a mortgage in Ontario - but am not employed - can it work?

Thanks Rich,

Though our problem is that we don't have a house right now (renting) and will have NO money to bring with us, so no 33%, unfortunately.

I have heard that first time buyers in Ontario can get a "no down payment" offer - seeing as this way more people can afford to buy a house without having a stash of cash set aside. (I am a Canadian citizen - born and raised)

Since you're still in the UK, have you already found the house you want to buy? Or have the plans you have made to move there (in terms of mortgage) been made now so that WHEN you move there, you are already pre-apporved for your mortgage and can then buy whichever hosue you like?

Sorry if I seem not so educated in this field, it's the first time for me, so any help would be great!
Thanks again, Fluffy
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Old Feb 6th 2005, 9:31 pm
  #4  
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Default Re: Appyling for a mortgage in Ontario - but am not employed - can it work?

Originally Posted by Fluffy Boogie
Hello,

At the end of next year, I plan to move to Canada with my hopefully then sponsored boyfriend. ( we plan to send off all applications this summer - will that grant us enough time?)

At the moment, we live in Amsterdam and due to my work permit being delayed, I cannot work.

We hope to purchase a house in Toronto (or area) pretty much withing a few months of arriving (say Jan/Feb 2007).

However, I am not sure if we'll qualify for a mortgage, seeing as he is the only one with a current income, and we're looking at purchasing a house/apartment for no more than 235,000.

Of course, I will work once we arrive in Canada - that's no problem.

Do you have any ideas or have you had any experience with this? I would greatly appreciate it.

Fluffy
There has been many threads of a similar nature in the Canadian lifestile and culture section. Just find your way there a do a search. This is also a better place to ask questions such as this as there are many there who have gone through all of this already.

Good luck.
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Old Feb 7th 2005, 1:16 am
  #5  
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Default Re: Appyling for a mortgage in Ontario - but am not employed - can it work?

Originally Posted by Fluffy Boogie
Thanks Rich,

Since you're still in the UK, have you already found the house you want to buy? Or have the plans you have made to move there (in terms of mortgage) been made now so that WHEN you move there, you are already pre-apporved for your mortgage and can then buy whichever hosue you like?
> It's a case of making plans for 'when'. No, we don't have a house purchase lined up ready. Just helps to move things quicker when we finally arrive.

Cheers,

Rich.
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