Am I eligiable to get mortgage for buying a house in Toronto?

[Dpark]

Hi

I'm just wondering if anyone can solve my problem.

Me and my fiance currently own a condo in Toronto and we had to put 35% downpayment.

Since we own 1 bedroom which is too tight and getting smaller for us (if our parents come, there is no room for them), we are thinking to move

to house from this tiny condo.

Also both of us are currently holding a working permit and already applied for CEC immigration..and still waiting for file number.

Is there anyway we are get a mortgage with 15-20% downpayment before we receive immigration file number?


If anyone can help me, that would be great!



Thanks to all

[steaky]

You should have known this before you buy your 1 bedroom condo.  Why didn't you buy 2 bedroom condo or bigger?

Back to your question, whether or not you can get a second mortgage is very depend on your existing financial situation.

[Dpark]

You should have known this before you buy your 1 bedroom condo.  Why didn't you buy 2 bedroom condo or bigger?

Back to your question, whether or not you can get a second mortgage is very depend on your existing financial situation.

When we purchased our condo, we did not have a job and just got back to Canada from home. So bank asked us to put 35% downpayment on purchase so we had to choose a small property. And we are planning to sell our condo, not applying for 2nd mortgage..

[livefaisal]

Hi,

I am Realtor by profession i can help you out but i need more info. Pleae give me Call  @  9056177244 or send  me email  @  livefaisal @ hotmail.com.

Regards,

[zap0ne]

Hi,
It really depends on how long you have been in Canada.  Because you are looking for a mortgage which is considered to be non-conventional (less then 20% down) you will need mortgage insurance.  There are two companies in Canada that provide mortgage insurance CMHC and Genworth Financial. 

I know that if you've arrived in Canada within the last 36 months, you may qualify for Genworth's ‘New To Canada' product, which allows you to buy with as little as 5 per cent downpayment.  You might want to check out there website and get talking to your mortgage broker or financial institution to get pre-approval.
http://www.genworth.ca/homeownership/c_on-your-terms/downpayment_requirements.asp
http://www.schl.gc.ca/odpub/pdf/66144.pdf

Hope that this is helpful   

Roy

rboyce @ sutton.com
Realtor