Mortgage Information & New To Canada |
Need
a Mortgage? Immigrants can apply for and
receive a mortgage on a work permit without being a Canadian Citizen. You will generally need a work permit with 12 months or longer. It's
important to have the employer backing your application. Also proof of full time
employment will be required to obtain the actual work permit.
Your Down Payment: At the moment the minimum down payment is 5% it is required on any real estate purchase. This amount may increase to 10% depending on your mortgage or bank lender.
The Canadian Banks: Many of the Canadian banks will require a credit check and bank references from the country you are moving from. Make sure all your paper work is up to date and made available to the Canadian bank you choose to work with. We can suggest one if you have not yet selected one.
A Calgary
Mortgage Broker: There are many Mortgage Brokers in Calgary and we can put you in touch with the best ones we have worked with. It would be beneficial to be put in touch with one here in Calgary before you leave your country of residence. The broker will give you the list of information you need to collect. You may be required to ask your current bank to fax relevant information. Keep a copy of all your
documents and have them with you when you arrive in Calgary.
CMHC
Mortgage Loan Insurance: (CMHC) insurance
is usually required for buyers who are applying for a mortgage with less than a
20% down payment. You can get details at Canada Mortgage & Housing
Corporation's website or your mortgage broker will certainly advise you with the latest information for new to Canada.
Contact Cathy McMurrich at The Mortgage Group
Our Contact : info@CalgaryDreamHomes.com
Direct on 403-850-0669 -
Website: Calgary Dream Homes
