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Buying a home in BC.

K

karthicktalk

Star Member
Sep 7, 2017
118
6
Hi - Is it possible to buy a townhouse/apartment/house in BC if you are

i. New immigrant (PR status) - with no credit history,
ii. Have a job with decent monthly salary.
iii. Ready to put 5% down payment.

What are the rates of interest does bank offer for a person with above listed factors? Any bank or loan provider that you will recommend?

Thank you in advance.
 
karthicktalk said:
Hi - Is it possible to buy a townhouse/apartment/house in BC if you are

i. New immigrant (PR status) - with no credit history,
ii. Have a job with decent monthly salary.
iii. Ready to put 5% down payment.

What are the rates of interest does bank offer for a person with above listed factors? Any bank or loan provider that you will recommend?

Thank you in advance.
Click to expand...

Unlikely with only 5%.
 
Never went through it but reading up on it, the deposit should be between 5 & 10%. So 5 might be enough, but I would go higher. That's just my opinion
 
karthicktalk said:
Hi - Is it possible to buy a townhouse/apartment/house in BC if you are

i. New immigrant (PR status) - with no credit history,
ii. Have a job with decent monthly salary.
iii. Ready to put 5% down payment.

What are the rates of interest does bank offer for a person with above listed factors? Any bank or loan provider that you will recommend?

Thank you in advance.
Click to expand...
I would talk directly to the banks and mortgage specialists, start with your own bank and then talk to other institutions.
Imo, if you don't have a credit history, I doubt banks will give you a mortgage with only 5% DP.
 
Apart from down payment, you also need to pay 3 to 5 percent of property transfer tax.
 
^PTT can be exempt if first time buyer, property is less than $500k I think, etc.
OP please research and plan very well, mortgage is very serious and could be the biggest transaction of your life, talk to many mortgage specialists.
 
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