Yes, this is the best scenario. If you are a permanent resident, have a good credit score and have a cash down payment of 5% of the purchase price you would qualify to purchase a property with a mortgage the same as a Canadian citizen.
If you are not a permanent resident, there may be a requirement for a larger down payment for final approval to be granted. (generally 10% of the purchase price) If you have a valid work permit, and have applied with the Government of Canada for permanent residency status, approval for a mortgage with as little as 5% of the purchase price as down payment funds is possible.
Sometimes people will supply a letter of credit from their existing bank in their home country to be considered for a mortgage approval. There are other ways to confirm credit history from non-traditional sources as follows:
There are other tasks you can complete to confirm your credit worthiness such as:
Yes, interest rates and terms offered by lenders are the same for persons New to Canada or for Canadian citizens.
Yes, remember that if you have a minimum of 20% of the purchase price available for a down payment, you only are approved by the lender, and CMHC default insurance is not required.
Our team is devoted to helping you achieve your long term goals. Enjoy options and possibilities that you may not have considered when sticking with traditional banking products. If your goals include paying down your mortgage faster or looking for a rental income to make some headway on your amortization we are happy to discuss all of your options. Your Kelowna Mortgage Broker is able to help you with your first mortgage or renegotiating the terms on an existing property. Call John Antle Mortgages in Kelowna today and let’s get started!