Buying home on Contract jobs
- Thread starter vin22
- Start date
Thank you Steaky, that's exactly my question how can I avail of home loan? Have heard will not get a loan coz I don't have a permanent job. I can manage the down payment.
I would go to a mortgage broker and see what your options are. Depending on how long you have been in Canada you may not have much of a credit history. Lenders may require you to put down a significant down payment and charge a higher interest rate. Working in a contract position also will create problems if you don't have a long history of employment in Canada which shows you have been consistently employed. Also will depend on the length of the contract. A 3 month contract is very different than a 2 year contract. You need to explore what is available and see whether waiting a couple more years would allow you to get a loan with better terms.
Thank you canuck78. Well noted. Looking for a permanent position now and at the same time a bachelor accommodation to stay on temporary basis.
Vin22
There is one thing a lot of new immigrants don't know is bank do give loans to new immigrants even if you don't have a job, the minimum downpayment required by banks for new immigrants is 35%.... mortgage agents will not tell you about this policy, because they will pretend as if your case is very difficult and that's where mortgage agents make money...
So the good thing is you have down payment and you have a job, if your job is at least 6 months old and you have proof of payments you may still get mortgage.
If you are looking for a house or an apartment, we can discuss further... why pay rent if you can afford a house and pay mortgage. Whatever mortgage you pay will go towards your equity, and whatever rent you pay you don't get anything back...
You can contact me @ mahmood@mihomes.ca
I would suggest the opposite. I would get a feel for the city and see if you want to stay and whether you can get a permanent job before buying a property. In a large city you may want to be in a certain location and not commute from one side to another. Rent a small place and start getting a feel for the city or Canada if you are considering relocating. It is a big purchase that shouldn't be rushed.
Hard to criticize a mortgage broker for making money and try to get a new client for yourself at the same time
Hard to criticize a mortgage broker for making money and try to get a new client for yourself at the same time
It is situational. Sometimes you need to rushed into a deal. Sometimes you need to buy unseen or cannot feel the city and no time to see if you want to stay and whether you can get a permanent job before buying the property.