I’ve mentioned it over and over again that it pays to get the right mortgage advice from the beginning. Especially, if your situation is unique, for example, newly landed immigrant or currently on work permit.
Last week I was able to secure mortgage financing for a client who is currently on a work visa with as little as 5% down payment. Interestingly enough, his own bank has told him that “no other lender would provide financing to him with only 5% down payment." If he hasn't reached out to me, he would have continued renting for anther year or so.
Yes, you can still purchase a home while you are on work visa even though you don’t have permanent residence status. There are several lenders that will provide financing for applicants on work visa (permit) with as little as 5% down, regardless of the work permit expiry date, provided the following conditions are met:
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If you have a job awaiting you on Canadian soil, it’s possible to also secure the purchase of a home if you plan ahead and connect with professionals before you even begin packing.
The main reason you’ll want to get in touch with the right professionals before you start to pack is to find out what important paperwork you’ll need to set aside to ensure smooth sailing through the home financing and purchasing processes.
Your first step should be to get in touch with an experienced mortgage professional. In doing so, you can set the home financing process in motion by securing a mortgage rate guarantee and pre-approval, and figuring out what supporting paperwork you need to provide to purchase a home in Canada.
The services of mortgage professionals are typically free – they are paid by lenders for bringing in new business. Mortgage professionals have access to multiple lenders – including banks, credit unions and trust companies – where they can compare products and rates, and find the ideal mortgage to meet your unique needs.
In most cases, Canadian mortgage lenders and insurers want to see employment letters that prove your offer of employment and salary in Canada. You must also have at least a 5% down payment for the home from your own resources – which means it has to be your own money, not borrowed or gifted. So, for instance, if you’re selling your home in another country and using some of the proceeds as a down payment on a home in Canada, you must be able to prove this.....
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