Permanent resident getting mortgage is Canada

[jeff198901]

Is it hard for a permanent resident to get a mortgage in Canada? I heard someone today say that banks don't like giving mortgages to permanent residents



Is this true?

 

[carolbb23]

Is it hard for a permanent resident to get a mortgage in Canada? I heard someone today say that banks don't like giving mortgages to permanent residents



Is this true?

i dunno but depends on the bank I can be wrong as long you have money they should nit care

 

[sylvain1]

Is it hard for a permanent resident to get a mortgage in Canada? I heard someone today say that banks don't like giving mortgages to permanent residents
Is this true?

I don't know for sure, but I would say it's only partially true. By definition, most of permanent residents do not have a long credit history in Canada and don't have their job for a long period of time. Your credit history and job stability are among the most important criteria for banks.

 

[jeff198901]

I was just wondering how hard it will be for my wife from the states and myself to get a mortgage together!

 

[hipchick]

I was juYesst wondering how hard it will be for my wife from the states and myself to get a mortgage together!

When u come, u work n build ur credit history. As long as you have a job n a good credit history. U can buy anything u want. Two year might b a good wait time to build ur credit history. Without a credit history thou. U cant buy anything.

 

[jaime]

Is it hard for a permanent resident to get a mortgage in Canada? I heard someone today say that banks don't like giving mortgages to permanent residents



Is this true?

Not at all. There's even a "New to Canada" Program that's specifically for PR's that have been in Canada for 5 years or less.
Of course income is a factor, but credit, not so much

I hope that helps.

 

[jeff198901]

Not at all. There's even a "New to Canada" Program that's specifically for PR's that have been in Canada for 5 years or less.
Of course income is a factor, but credit, not so much

I hope that helps.

Which bank has this? I feel like I read about it through cibc!

 

[jaime]

Which bank has this? I feel like I read about it through cibc!

The big 5 should have versions of it but monolines would be a better alternative for this type of mortgage.

 

[miss_tizzle]

A brand new PR will struggle because they have zero credit history. People suggest getting a secure credit card to help get credit (capitalone has great options).

We are doing outland right now, my husband is from Aus and I'm Canadian. We want to buy a house when he gets PR. We are both going to be on the mortgage but we did the preapprpval and will process it all under my income. Because too, he would have to pass probation, etc to qualify to have income acknowledged for the mortgage. We felt this was the easiest route.

 

[carolbb23]

Which bank has this? I feel like I read about it through cibc!

Bmo and rbc

 

[Shineon39]

A brand new PR will struggle because they have zero credit history. People suggest getting a secure credit card to help get credit (capitalone has great options).

This is what my wife got, a secure credit card with cash deposit to cover her credit limit if she doesn't pay. In her country (Thailand) she has a really good credit history and even mortgage free property but it count for nothing here in Canada.

One of my friend who sponsored his wife also got mortagage at BMO but he qualified for it alone, the bank didn't consider credit history of his pr wife but her name is on the mortgage.

 

[miss_tizzle]

This is what my wife got, a secure credit card with cash deposit to cover her credit limit if she doesn't pay. In her country (Thailand) she has a really good credit history and even mortgage free property but it count for nothing here in Canada.

One of my friend who sponsored his wife also got mortgage at BMO but he qualified for it alone, the bank didn't consider credit history of his pr wife but her name is on the mortgage.

I know, it sucks when you have great credit history and start at the bottom. My husband has amazing credit in Aus. Lucky for the PRs coming with bad credit that get to strat fresh though, I suppose.

 

[Shineon39]

Lucky for the PRs coming with bad credit that get to strat fresh though, I suppose.

yeah it works both way