Doug Heldman

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Government removes non-bank lenders from the playing field

Originally posted on: November 21, 2016
Last updated on: November 21, 2016
Filed under: east york riverdale the beach leslieville
Will You Qualify For Your Mortgage After November 30th, 2016? Will You Qualify For Your Mortgage After Nov ...

The intended consequences of new housing policies

Originally posted on: October 27, 2016
Last updated on: October 27, 2016
Filed under: east york the beach riverdale lesliville canada mortgage and housing corporationbank of canadagovernmentpricemortgagehomehousinghousing policiesceconomycanadaconsequencesunintendedintendedeconomy
EVAN SIDDALL The intended consequences of new housing policies EVAN SIDDALL Contributed to The Globe and Mail ( ...

Seperated Cycle Lanes On Woodbine

Originally posted on: September 29, 2016
Last updated on: September 29, 2016
Filed under: east york riverdale the beach leslieville
Sep 28, 2016 | Separated cycle tracks may be coming to Toronto's Woodbine Avenue ...

Have Prices Crossed The Line?

Originally posted on: September 7, 2016
Last updated on: September 7, 2016
Filed under: east york riverdale the beach leslieville
The Toronto Real Estate Board publishes the above affordability chart monthly, showing the share of average household income used for mortgage, ...

5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less

Originally posted on: March 4, 2016
Filed under: east york riverdale the beach leslieville
5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less Posted on February 24, 2016 International Living ...

How It Works for New Immigrants

This is what you need to know to buy your first home in Canada.

If you want to buy a home in Canada and have the liquid cash for the full cost to purchase a house, condominium or investment property you need 3 things; a relationship with a local Real Estate Agent, a local Lawyer and a Canadian bank to transfer funds.  Additionally the Canadian bank and Lawyer will need to check references with their counterparts in your country of origin. 

If you want to buy a home in Canada and do not have the liquid cash for the full cost to purchase the money to finance the purchase of a new home comes from two sources:

  • A mortgage and your down payment.
  • How you arrange a mortgage depends on your employment history and immigration status.

Down payment with 2 years’ employment history:

If you can show two years employment history and have at least 20% of the purchase price to use as a down payment, you may qualify for a “conventional” mortgage. If you don’t have less than 20% to put down, you may qualify for a mortgage but it will need to be insured against default. An insured Mortgage adds an extra 1% to 3% to the cost of the mortgage.

Down payment without two years’ employment history:

If you have a down payment of 35% or more, and aren’t able to provide the usual confirmation of employment and income to demonstrate you can service a mortgage it is still possible to get a mortgage. Basic enquiries about your financial history and your permanent residency status will have to be provided to the Lender and letters of reference from a recognized international financial institution and lawyer go a long way to expediting the process.

If you don’t have the 35% down payment, you may be eligible to arrange a mortgage, however it will need to be insured against non-payment. Ideally you will have:

  • Immigrated to Canada within the past 24 months
  • Landed immigrant status
  • A minimum of three months’ full time employment in Canada
  • All foreign debt will be included in determining the amount of mortgage you can service.
  • A letter of reference from a recognized financial institution

Top Four Tips For New Immigrants Buying a House in Canada.

  1. Apply for credit. It is critical that you establish a credit report. When reviewing a new mortgage application, Canadian lenders rely primarily on your credit report.
  2. Gather relevant out of the country documents.  You may need to provide copies of your work visa/permit. Arrange contact with your overseas bank to provide a bank reference letter. If you have a relationship with an overseas Lawyer now is the time to arrange a reference from them also.
  3. Prepare a job letter, pay stub or income tax documents as proof of income. If you are planning to transfer money from overseas for your down payment, set it up and know how long it will take to transfer.
  4. Get a pre-approved mortgage.  A written Pre-Approval means that the lender is ready to make you a mortgage loan based on the credit check, information and documentation you provided at the time you requested a pre-approval. The pre-approval will say how long it is valid for, typically 60 – 120 days and may contain some other conditions for you to get the loan.
 

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