Hello 9ja folks,
Kindly see the write up below,i copied it from another forum wherein i do check for info also,it might be helpful.Oga Barsindoodo,how far now?I see things are getting brighter and brighter and approaching the perfect day for you.It is well my brodda.I pray for everyone on this forum,may God bring to pass speedily that which he has promised each one of us and those around us too.Amen.
Hi Guys...
Was fassing on the Trinidad website and saw this piece of information that I thought would be usefel as it relates to purchasing a house within a few months of landing in Canada.
Typical mortgage requirements for newcomers (there are special mortgage programs for newcomers) are:
1) 10% downpayment from own funds
2) Closing costs from own funds
3) Credit History****(see below)
4) At least 3 months continuous work in Canada since landing
5) Proof of Residency status (PR card or COPR form)
***Since we don't have formal credit rating system in T&T, I advise that you walk with the following, as these documents were crucial in us being approved for the mortgage. I have only been working for one month and clearly did NOT meet the 3 month minimum requirement, but we were still approved.
1) Reference letter from your bankers in T&T (this was very important)
2) Past work experience letter(s) from previous employers (this establishes to the bank that you are not new to your field so you are more likely to remain employed)
3) 1 year of bank account statements
4) 1 year of credit card statements
5) 1 year of rent receipts (if applicable)
6) Letter from previous landlord (if applicable)
7) 1 year of utility bill (eg. cable; electricity; water; telephone etc.)
You don't need to have all of these, but at least numbers 1; 2; and either of 3 and 4 or both if possible.
I had to request some of these things be e-mail from my bank and past employers in T&T, and luckily they all responded immediately, but it would be certainly worth your while to walk with them when you come.
