Buying a place while waiting for PR

[fhamdani]

Hi

I want to get a preapproval for my mortgage and my finances are in order.

However, I have applied for a BOWP while I wait for my PR to come through and my work permit has expired. What do I show the banks that I am still legal in Canada or what can I show them to get this preapproval done? Anyone with any ideas? I am only putting 10% down.

Thanks

 

[Sasha_24]

I think you better wait for your pr and after buy anything, that's pretty risky

 

[vehla_ji]

Hi

I want to get a preapproval for my mortgage and my finances are in order.

However, I have applied for a BOWP while I wait for my PR to come through and my work permit has expired. What do I show the banks that I am still legal in Canada or what can I show them to get this preapproval done? Anyone with any ideas? I am only putting 10% down.

Thanks

don't do it. wait until you get your PR card in your hand.

 

[ALRIVAS]

Hi fhamdani I'm Realtor with 12 years of experience first of all,all lending institutions have parameters and criteria you must follow but every single transaction is treated individually the most important part is to know that generally banks will approve your mortgage as their business is to lend money, what is important is how the bank or the mortgage broker you use will send (package) your mortgage to GE or CMHC.
These 2 insurance companies are who will have the final word on the approval your mortgage.
I have helped firstime home buyers in the same financial and status you are right now.
They are many ways to package your mortgage in order to get you approved.
Contact me at alrivas. com I will put you in contact with my mortgage broker and we will guide you through the process.