Mortgage for new immigrant possible???

[TADF chemist]

Hello everyone, I soft-landed in Vancouver in the end of October last year and officially became a PR. Then I returned my home country to continue employment for a while and I will move permanently to Canada this August.

I think I won't be employed in this August and I am going to have a short sabbatical. I am wondering if I am eligible for mortgage without an existing job offer in Canada. Does the bank in Canada consider my salary in home country? Will the mortgage rate unfavourable to new immigrant without a job?

 

[steaky]

Hello everyone, I soft-landed in Vancouver in the end of October last year and officially became a PR. Then I returned my home country to continue employment for a while and I will move permanently to Canada this August.

I think I won't be employed in this August and I am going to have a short sabbatical. I am wondering if I am eligible for mortgage without an existing job offer in Canada. Does the bank in Canada consider my salary in home country? Will the mortgage rate unfavourable to new immigrant without a job?

You can either speak to a mortgage broker or if the vendor offer to lend the money to you as described in this thread, then you can consider:

https://www.canadavisa.com/canada-immigration-discussion-board/threads/newcomer-pr-mortgage-questions.791545/page-2#post-10398219

 

[iSaidGoodDay]

Hello everyone, I soft-landed in Vancouver in the end of October last year and officially became a PR. Then I returned my home country to continue employment for a while and I will move permanently to Canada this August.

I think I won't be employed in this August and I am going to have a short sabbatical. I am wondering if I am eligible for mortgage without an existing job offer in Canada. Does the bank in Canada consider my salary in home country? Will the mortgage rate unfavourable to new immigrant without a job?

Mortgage is possible. I have two places that are offering me mortgage pre-landing, pre SIN. The downpayment has to be more than 35% and you need to get a job. In my case, I'd a history of getting paid by the Canadian employer and I've got a letter that says "I'll be joining full time and was a contractor for X year(s)/month(s) with them in {month} of 2023".

About your sabbatical. I'm not sure that's a good idea. Without a job, you'll be hard pressed for a 2-3 % higher interest rate (you can potentially move it later to another bank at lower rates). But that's not a situation you'd want to be in.

Without a job, your chances of a getting a mortgage are very low. Banks won't go with you for sure. If your current/past earnings are less than $30k-40k CAD in home country - that's going to make it worse for you. You can still land a mortgage from mortgage brokers if you past earnings were >$70k in home country.

 

[canuck78]

Assume you will need at least a job to get a somewhat competitive mortgage rate and/or mortgage. You may also need to build your Canadian credit before qualifying for a mortgage. Your deposit amount and existing savings has a big impact on what your options will be. Would also not purchase until you at least know where you will be working. You should remain flexible when trying to find a job as a newcomer to find the best opportunity across Canada.