Protected Person can buy house with mortgage?

[Alikhan115674]

Hi,
Protected Person can buy house with mortgage? Waiting for PR application already submitted,
What difference I listen need to may more taxes and fees as no PR status.

 

[Simba112]

Hi,
Protected Person can buy house with mortgage? Waiting for PR application already submitted,
What difference I listen need to may more taxes and fees as no PR status.

Yes you can buy house as a protected person and you wont be subjected to additional tax because you are not landed immigrant or citizen

 

[zak86]

Yes you can buy house as a protected person and you wont be subjected to additional tax because you are not landed immigrant or citizen

i confirmed with my friend and visit the realtor only thing is you have to pay high down however no additional tax as you are a protected person.

 

[Simba112]

i confirmed with my friend and visit the realtor only thing is you have to pay high down however no additional tax as you are a protected person.

You mean high deposit? How high?

 

[zak86]

You mean high deposit? How high?

approx 30% min down payment

 

[Simba112]

did your Realtor mentioned any reasons for that? and which province are you?

 

[zak86]

did your Realtor mentioned any reasons for that? and which province are you?

Ontario he said as you have no PR but have protected status can buy but Down will be 30% and they will charge 2% of the value which will include mortgage approval and their charges.

 

[Simba112]

Ontario he said as you have no PR but have protected status can buy but Down will be 30% and they will charge 2% of the value which will include mortgage approval and their charges.

thanks, I'll email my branch mortgage specialist to set phone meeting about that...

 

[Alikhan115674]

thanks, I'll email my branch mortgage specialist to set phone meeting about that...

Please share your experience after your email please

 

[Rujita]

Any new news about mortgage for protected persons?

 

[jasonsoy]

Today I've talked with one of my friend she works for bmo and she is very experienced. She says that you can get mortgage but not with %5 down payment. They likely ask %20 or %30 down payment. Because my down payment is ready and credit score high enough but we need to wait for pr she said .

 

[Simba112]

Today I've talked with one of my friend she works for bmo and she is very experienced. She says that you can get mortgage but not with %5 down payment. They likely ask %20 or %30 down payment. Because my down payment is ready and credit score high enough but we need to wait for pr she said .

I also have same feedback except that an officer suggested the other way you can do is through First time home Boyer incentive through CMHC, where Government take equity against deposit provided house price is not over $500,000 and you meet eligibility. CMCH extends to even someone with work permit... However, Big Banks may have this appetite but other financial lenders may be flexible provided you have strong credit score. It is case on case basis

 

[Rujita]

Do we need to wait until we get pr for a mortgage if we have 20% downpayment or we can get it with protected person status?

 

[jasonsoy]

Do we need to wait until we get pr for a mortgage if we have 20% downpayment or we can get it with protected person status?

It totally depends on your financial situation, work income, and for how long you've been working with that amount of income ,and of course credit score . That's what she told me if you have %20 down.

 

[Alikhan115674]

It totally depends on your financial situation, work income, and for how long you've been working with that amount of income ,and of course credit score . That's what she told me if you have %20 down.

Appreciated