House buying

[chatwant]

We'll I am curious to know can a new immigrant buy a house as soon as he Land in canada in places like surrey or Langley in bc?one more thingh provided that I have a 35%percent downpayment to put can I avail a loan as soon as I get there.

 

[rg2012]

Yes, you can buy as soon as you land. Your only probably is the fact that you don't have a credit history....so it will be a bit harder than otherwise....would you have a job when you land? That should help a bit.

 

[mrbeachman]

We'll I am curious to know can a new immigrant buy a house as soon as he Land in canada in places like surrey or Langley in bc?one more thingh provided that I have a 35%percent downpayment to put can I avail a loan as soon as I get there.

Simple. You can't.

Banks require 2 years of steady employment (basically 2 years of tax returns) to give you a loan.

Some foreign investors do buy with 35% down, but they usually have assets that can cover this loan. Do you?

 

[scylla]

Simple. You can't.

Banks require 2 years of steady employment (basically 2 years of tax returns) to give you a loan.

Some foreign investors do buy with 35% down, but they usually have assets that can cover this loan. Do you?

I disagree. I know several individuals who purchased homes with around 25% downpayments a few months after they landed. All the bank wanted to see was proof of full time and permanent employment. They had no issues securing mortgages with one of the big five banks.

 

[chatwant]

So after 5 to 6 months in a job I can avail a loan..and can any one please tell me how much does a town house cost around in surrey or Langley and is town house a good option coz I heard that selling it is tougher after some time.

 

[mrbeachman]

I disagree. I know several individuals who purchased homes with around 25% downpayments a few months after they landed. All the bank wanted to see was proof of full time and permanent employment. They had no issues securing mortgages with one of the big five banks.

I am quite certain that none of 5 big banks would not approve a loan only after a few months of employment. Maybe these individuals had a lot of savings/investments with the bank?

 

[MR. SIDHU]

We'll I am curious to know can a new immigrant buy a house as soon as he Land in canada in places like surrey or Langley in bc?one more thingh provided that I have a 35%percent downpayment to put can I avail a loan as soon as I get there.

Yes you can buy a house if you are PR.

 

[steaky]

We'll I am curious to know can a new immigrant buy a house as soon as he Land in canada in places like surrey or Langley in bc?one more thingh provided that I have a 35%percent downpayment to put can I avail a loan as soon as I get there.

Actually you can buy a house before you land in Canada. You just need a reliable realtor/owner and banker. You can also get loan from your home country and finance your new house in Canada.

Yes you can buy a house if you are PR.

Any people buy a house regardless they are PR, citizen, temporary workers or merely visitors of Canada.

 

[SanRoque]

You can buy a house in Canada after 6 months or a year and if you comply with all the requirements by the bank. Two years is a bit not too long to acquire a house.

 

[steaky]

You can buy a house in Canada after 6 months or a year and if you comply with all the requirements by the bank. Two years is a bit not too long to acquire a house.

You don't even need to be in Canada to buy a house.

 

[chatwant]

How is that possible to not be in canada and buy a house?

 

[steaky]

How is that possible to not be in canada and buy a house?

Especially if you buy a presale home package from a major home developer which sell Canadian homes outside Canada. Your reliable Canadian lawyer (who might be working in your home country) would help you to do the legal work, while your Canadian banker could provide you mortgage and other financial needs. If you are not ready to move-in/take possession, you can make arrangement with a company or person to act on your behalf!