Protected Person can buy house with mortgage?

[Rujita]

Thanks

 

[Oscarsunil]

Hello guys ,
I did all research, until you become pr banks will not gonna give you any loan mortgage, but if you have 25 to 30 percent down-payment then private lander can approve your mortgage but intrest will be high then the banks , after you become pr you can transfer your mortgage from private lender to bank ( with the cap of atleast 1 year ).
I got a good person who is handling my case if you want just let me know I'll help you guys

 

[Rujita]

Hello guys ,
I did all research, until you become pr banks will not gonna give you any loan mortgage, but if you have 25 to 30 percent down-payment then private lander can approve your mortgage but intrest will be high then the banks , after you become pr you can transfer your mortgage from private lender to bank ( with the cap of atleast 1 year ).
I got a good person who is handling my case if you want just let me know I'll help you guys

May I please know what will be the interest rate with the private lenders? Can I get any contact information of the person to deal with? Thank you so much for your information.

 

[Oscarsunil]

May I please know what will be the interest rate with the private lenders? Can I get any contact information of the person to deal with? Thank you so much for your information.

It's gonna be 8 to 10 percent ,
For.more information email me on ryankrala@gmail.com

 

[canuck78]

Hello guys ,
I did all research, until you become pr banks will not gonna give you any loan mortgage, but if you have 25 to 30 percent down-payment then private lander can approve your mortgage but intrest will be high then the banks , after you become pr you can transfer your mortgage from private lender to bank ( with the cap of atleast 1 year ).
I got a good person who is handling my case if you want just let me know I'll help you guys

What kind of penalty are you looking at to transfer?

 

[canuck78]

Would suggest people wait until they get PR. Your interest rates and fees will be significantly higher with a private lender.

 

[116sg17]

Would suggest people wait until they get PR. Your interest rates and fees will be significantly higher with a private lender.

I agree as the percent interest mentioned in the thread is essentially double when compared to what banks are charging right now.

 

[canuck78]

I agree as the percent interest mentioned in the thread is essentially double when compared to what banks are charging right now.

Some are essentially 3x and the fees are likely going to be very high. The lender is taking increased risk so terms will not be great.

 

[Oscarsunil]

The time I will become PR may be after 1 1/2 year or more the property cost will increase more then 10-15% and that's gonna be much higher than the rate of interest,, so instead of that and living in a rented property and waiste my money in rental house for 1/12 years I am happy to pay extra rate of intrest during my waiting period

 

[Simba112]

It's gonna be 8 to 10 percent ,
For.more information email me on ryankrala@gmail.com

8% to 10%??? thats 3 times average mortgage rates... plus if you spread over the tenure, its significant loss...i think you can buy another house in other province on only interest rate differential

 

[canuck78]

The time I will become PR may be after 1 1/2 year or more the property cost will increase more then 10-15% and that's gonna be much higher than the rate of interest,, so instead of that and living in a rented property and waiste my money in rental house for 1/12 years I am happy to pay extra rate of intrest during my waiting period

We don’t know what property prices will be in a year. Would sit down with a mortgage broker and do some calculations but it is insane to pay that level of interest with a large down payment.

 

[Rujita]

We don’t know what property prices will be in a year. Would sit down with a mortgage broker and do some calculations but it is insane to pay that level of interest with a large down payment.

Hi, has your mortgage been approved?

 

[canuck78]

Hi, has your mortgage been approved?

Didn’t apply for a mortgage

 

[Griffindor]

If I am not mistaken it is possible. Am I right?

 

[Simba112]

If I am not mistaken it is possible. Am I right?

It is possible. Interest rate will be slightly higher and you pay additional taxes as foreign buyer