Being approved for a mortgage while waiting for PR

[Olivia1206]

Hello everybody!

Does someone know if it is possible to get pre-approved for a mortgage while waiting for PR?
- I got my IA and did my meds 2 weeks ago
- I am married to a canadian
- I have been working in Canada since 2005

Does someone know (if possible) which bank would consider us for a mortgage?

Thanks for your help!

Olivia

 

[jes_ON]

This is a bit off topic, you might find more information in under Settlement Topics, Housing.

You can if you can put down at least a 20% downpayment. The issue is the mortgage insurance. I was told that non-PRs can't get the mortgage insurance, but it is required for mortgages with less than a 20% downpayment.

http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_002.cfm

BUT Your hubby is Canadian, and if he is on the mortgage too, you would qualify for the insurance.

I got this info from RBC. I'll be talking to them again if/when the PR comes thru...

 

[Olivia1206]

Sorry about being off topic :-X

Thanks for the info.

We called a broaker yesterday and he said it shouldn't be pb for us to get approved for a mortgage. I guess we'll see.

 

[thusha7716]

hai olivia,

I have few friends ( work permit holders) who obtained their mortgages even without applying for PR . also with 5 % down payment. and also the government allows you to use your RSP deduction limit for your down payment, under the HBP plan. If you need i will give more details of my morgage broker. she will help you,
just send me a personnal massege .

thusha

 

[Olivia1206]

Thank you so much for your reply.

As a matter of fact, I was able to be preapproved for a mortgage without any difficulties. I was worried initially because I had so much pb getting a loan to buy my car, I figured it would be impossible to borrow for a house.


All the best

 

[thusha7716]

Hai Olivia,

congratulations on your pre approval. I had the same situation . I had to pay cash to buy my car as my work permit was supposed to expire in one month at that time. But nothing was a problem for my mortgage as i got it approved after receiving the PR status.

But it is a good news you got the pre approval before the new mortgage rules implemented.

new rule are there in this news link if you need.

http://www.ctv.ca/CTVNews/Canada/20110116/mortgage-rules-110116/

thushari

 

[prof456]

As far as you have a stable source of income (on a WP) with the required downpayment, you should be fine. Goodluck.

 

[Olivia1206]

They also look at your credit rating.

 

[WPnush]

Hi thusha,

I'm new to this forum and just read your post about the mortgage broker. Can you forward me the details of your mortgage broker please? My husband and are both on work permits here and are looking at buying a house. Thanks so much

 

[Dpark]

Hi Thusha

Can u forward that mortgage broker's information to me as well?



Thanks!!!

 

[saka101]

Does anyone know if your credit rating will change when you get a different SIN number. For instance, because I am not PR yet my SIN number is different than the SIN numbers of PR/Citizens. So, when I get my PR will my credit be like a fresh/new one or will it transfer over?

 

[Pouce]

i tried TD canada but couldnt get approved. so as credit union, they dont lend temperay worker. have to be landed immigrant. i got my mortgage from Scotia bank they are kind of easy going. if you can put 20% down, good enough.

 

[TRUONGAN]

i tried TD canada but couldnt get approved. so as credit union, they dont lend temperay worker. have to be landed immigrant. i got my mortgage from Scotia bank they are kind of easy going. if you can put 20% down, good enough.

TD and BMO were happy with my 10% Down Payment. Regulation is 10% for non-PR.

I have chosen to go with BMO. Very easy!

 

[steaky]

i tried TD canada but couldnt get approved. so as credit union, they dont lend temperay worker. have to be landed immigrant. i got my mortgage from Scotia bank they are kind of easy going. if you can put 20% down, good enough.

It's not true. Try Scotia and HSBC. You can get a mortgage even as a visitor of Canada if you are qualify.

Does anyone know if your credit rating will change when you get a different SIN number. For instance, because I am not PR yet my SIN number is different than the SIN numbers of PR/Citizens. So, when I get my PR will my credit be like a fresh/new one or will it transfer over?

I have two different SIN number, but I'm not sure there are any affect on my credit rating.

 

[bluewish]

i tried TD canada but couldnt get approved. so as credit union, they dont lend temperay worker. have to be landed immigrant. i got my mortgage from Scotia bank they are kind of easy going. if you can put 20% down, good enough.

I think you have problem w/ your personal credit, not because you are not PR. I got approved from TD and they asked for PR application confirmation only (at that time, I havent got AOR or medical exam request). Btw, I put down 20% down payment