Buying Condo and SIN

[Nunuc]

Dear All,

As a recent landed immigrant I am in the process of buying a Condo - the agent is looking for two pieces of ID and insists one of them be the SIN - is this standard practice? I can't find anywhere online that SIN is requested during real estate purchases.

Any help?

Best

 

[steaky]

No, it's not standard. Get another realtor who knows what is required.

 

[ALRIVAS]

Hi I'm a realtor the only reason you are required a sin is to check your credit since you just arrived there is not credit to check so not needed if you require more info visit my site alrivas. com.

 

[canadadba]

i am also interested to buy a condo .. how much minimum downpayment required ? i am also new immigrant

 

[scylla]

i am also interested to buy a condo .. how much minimum downpayment required ? i am also new immigrant

Minimum downpayment is 5%.

 

[ALRIVAS]

Hi canadadba the minimum downpayment depends on your credit report and employment history in the best case (0 downpayment is possible).
Visit alrivas .com for more info

 

[canadadba]

if i am a new immigrant that means no credit history at all ..the downpayment will be 5 percent ? so if i want to buy a good 2 bedroom condo in toronto ..how much the downpayment will come and monthly EMI roughly ? just a rough estimate please

 

[PTJ]

So if there's no credit history for new immigrant, how realistic is it to get good mortgage deal with minimum downpayment?

 

[mrbeachman]

If you have no credit history 5% down payment is not possible.

You may get offers for 5% or even 0%, but the interest rates will be way above the norm since you are considered a risky borrower.

So, it is not realistic at all.

I will give you my example:

I was self employed, lived in Canada for 20 years with excellent credit.

Because I was self employed, the bank was still asking for 35% downpayment and a co-signer.

I could have gotten away with less downpayment and no cosigner, but my ineterst rate would not been good.

Right now my mortgage interest is 1.85%.


However, the most important part is that if you are putting anything less than 20% downpayment you are required to pay mortgage insurance which would be 3.60% if you are putting 5% down.

 

[ALRIVAS]

Hi mrbeachman I'm really sorry you had that fortune here is a link from CMHC that explains how it works.
I have been selling real estate for 13 years and if you are required 20% or more means you have no credit.
I have bought properties for people with bankruptcy with 20% down as self employed you need 10% down.
All the about is for people with good credit not excellent and the rate is discount rate.
http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/hopr/hopr_010.cfm

 

[mrbeachman]

Mind disclosing (with a link) what rate one gets with a 10% or 20% for people who went through bankruptcy or no credit history?

I don't see what relevance the CHMC link has.

How much interest will a person who went bankrupt or has no credit history pay in this low interest rate environment including the CHMC fees?

I have provided my rate of 1.85%

 

[mrbeachman]

if i am a new immigrant that means no credit history at all ..the downpayment will be 5 percent ? so if i want to buy a good 2 bedroom condo in toronto ..how much the downpayment will come and monthly EMI roughly ? just a rough estimate please

2 bedroom Toronto condos go for $400,000 and up.

You can get it cheaper outside the city in older buildings, but please be aware that monthly maintenance feels will be a lot higher. These condos end up being a lot more expensive long term and are generally a bad investment.

Sure, there might be some agents who will get you a mortgage at 5% down, but the rates will be very high.

Just as an example, because you are putting less than 20% the mortgage insurance alone will be $13,680 extra added to your mortgage.

 

[dee365]

Dear All,

As a recent landed immigrant I am in the process of buying a Condo - the agent is looking for two pieces of ID and insists one of them be the SIN - is this standard practice? I can't find anywhere online that SIN is requested during real estate purchases.

Any help?

Best

Hi Nunuc

I read your post regarding buying a condo. I know of a very good mortgage agent at a brokerage that can help you. Among other things they specialize in mortgage programs for new immigrants to Canada. The agent work with the banks as well to help you get a mortgage. They do all the work and submit your application to the bank. If you don't have a credit history they can also help you with that. If the bank will not give you a mortgage there are other banks that the agent can arrange a mortgage for you with at a good rate. She helped a friend of mine who had bad credit to repair her credit history so that she was able to qualify for a bank mortgage.
If you are interested, I can send you the mortgage agent name and number and you can contact her directly to make an appointment to get more information and see how she can assist you.

The mortgage agent prides herself in excellent service because referrals by her clients is very important to her.

Regards

 

[ALRIVAS]

mrbeachman as I said it all depends on the credit I can get 2.3% variable or 2.7 fixed for 5 years for someone who's been living in the country for 1-1/2 years with 10% down maybe even with 5% down depending on the employment.
I understand your experience wasn't the best but that has to do with lack of knowledge and the right people.
Also as you said you came to Canada 20 years ago then you remember what interest rate we paid,it was 13%.
For anybody coming to the country I like you to learn these words (beggars can't be choosers).
For CMHC,people must know they don't have to pay the premium at closing the premium is added to the mortgage.
When I bought my first home 17 years ago this March I was paying 7.5% and I was happy because my neighbour paid 13%.
I like to know what is the interest rate anybody pays in their homeland and compare it to Canada or just go south to the US and try to buy real estate with less than 40% down.