Crais84 said:
Random question, does anyone have a link to mortgages on this forum or know anything about applying when you have a spouse who is a canadian citizen and you (me in this case) are applying for PR status? We will probably be looking for a house soon and wonder if we will get slapped with the 35% downpayment a lot of banks ask for when you are a temporary resident. I would imagine because my spouse is Canadian this will not apply but might mean I cannot be named on the mortgage. We will obviously go to various banks for answers but wondered if anyone had experience on here of applying for mortgages
We are sniffing around mortgages in Alberta, even went so far as to go to an appointment in my spouses bank. She was pre-approved for 250K zero down even with outstanding commitments, but I had NOTHING to do with it, nor could I. We are looking at houses in a higher bracket, so naturally, we asked the question. Once I have 3 wage checks and can prove my income AND have PR (OWP does not count) then I can be assessed on her application, and be co-signer, obviously this would increase the mortgage available. I should add in my case, even now, I have Canadian credit cards, issued by my own bank from when I was working here before (the accounts are now 3 years old), that we still make minimum payments on and keep functioning, this was a deliberate move to keep a positive credit history. Even this made not a shred of difference, the magic thing is the PR SIN as far as credit is concerned, this is what the advisor told us...until then, as you stated, as far as they are concerned, you do not exist.