This post is really inaccurate and misleading. I am not sure of mrbeachman’s motivations. Banks have ‘New to Canada’ mortgage products. It is a contradiction to demand historical data of finance, Canadian tax and employment in Canada for a “newcomer to Canada” product don’t you think?. All of your financial information….yes including how much cash you have, financial instruments and assets… are taken under consideration. The mortgagee has a weighting system for the information on your finances. Credit history is a major player as is the ratio of Loan to Value (LTV). Make no mistake the banks are looking at the LTV to make sure that there is a safety margin if they need to kick you out and get the money back. Canada also has a sub-prime market also (shocking!). Banks make billions here and need to lend a lot of money out to make money when the interest rates are so low.mrbeachman said:The problem with savings is that banks (at least in Canada) don't care how much money you have in the account as it can be pulled out any time. They want steady income with at least 2 years of full time employment and will ask for your tax assessments. I don't know how the other guy got the mortgage, but maybe he had a guarantor. If you have good relations with HSBC in your own country they might be a better option to set you up with the mortgage. Just be aware that rates will be pretty bad.
? I do not think that it is complicated Annabel, you just need to get in touch with a money bag...ie the bank or mortgage broker, who can process you and let you know what you are approved for. Once you have your pre-approval which generally takes about 24hours at most you will be able to consider purchasing. It is very easyAnnabel said:Thanks all for the advise. Apparently it's more complicated than I expected. Good thing I found out all these from you guys before we start house hunting. Gosh, it really dampens my spirit!
This is not helpful at all.steaky said:Your posts are really inaccurate and misleading in this thread. I think BMO mortgage requirement is more stricter than HSBC. Besides, I don't need a guarantor nor I had good relationship with HSBC at that time.
What rates does the other banks give you, btw?
I have already mentioned this previously. This is not helpful at all, too.zap0ne said:? I do not think that it is complicated Annabel, you just need to get in touch with a money bag...ie the bank or mortgage broker, who can process you and let you know what you are approved for. Once you have your pre-approval which generally takes about 24hours at most you will be able to consider purchasing. It is very easy
Hi Steaky,steaky said:I have already mentioned this previously. This is not helpful at all, too.
BTW, are you a realtor in Toronto? In Vancouver, I used to hear things like how much your realtor is rebating you when one is purchasing a real property via a realtor. Is it the same in Toronto?