Mortgage loan possible after how many years in Canada?

[ValeryN]

Hello!

I'm wondering how many months/years I should live in Canada to be elieble for mortgage loan?

A little bit more details - I came to Canada having business visa 6 months ago and since 1-st month got my debit/credit cards (for credit one I left secure deposit).

Now I have work permit and good job offer and wondering for how long approximately I need to wait to be eligible for the mortgage loan.

Obviously I don't have PR and only planning to apply for an immigration program in future (after I will have enough Canadian work experience).

PS. Every month I actively use my debit/creadit accounts. Balance jumps +/- 2k every month.

 

[Baloo]

It depends on many things, a visit to a (or multiple) banks will provide you with definitive answers.

 

[steaky]

You don't need to be living in Canada in order to be eligible for mortgage loans.

Talk to your banker.

 

[Loving_Toronto]

Dear Valery,

Depending on your down payment, you can obtain a mortgage right away. At 35% down, you don't need to produce proof of income. At a down payment of between 5%-20%, the lender will look at your current work contract and may release funds. It's definitely best to seek the help of a mortgage broker as they will provide you with all possible options. I'm a long time real estate agent here in Toronto and would be happy to answer any further questions or put you in touch with some great individuals in the business.

Feel free to contact me @ alinapock@gmail.com