+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

New Immigrant - Buying with no loan.

CSHA

Newbie
Dec 9, 2018
2
0
I am a FOREX trader and intend to set up my own business and live on my trading income, I would work from home. As a new immigrant, is it wise to purchase a residential property (pay in full) with funds brought into Canada after landing?
 

scylla

VIP Member
Jun 8, 2010
65,422
9,116
Toronto
Category........
Visa Office......
Buffalo
Job Offer........
Pre-Assessed..
App. Filed.......
28-05-2010
AOR Received.
19-08-2010
File Transfer...
28-06-2010
Passport Req..
01-10-2010
VISA ISSUED...
05-10-2010
LANDED..........
05-10-2010
I am a FOREX trader and intend to set up my own business and live on my trading income, I would work from home. As a new immigrant, is it wise to purchase a residential property (pay in full) with funds brought into Canada after landing?
It's neither a good nor a bad decision. It's entirely your choice.
 
  • Like
Reactions: canuck_in_uk

steaky

VIP Member
Nov 11, 2008
9,800
628
Job Offer........
Pre-Assessed..
I am a FOREX trader and intend to set up my own business and live on my trading income, I would work from home. As a new immigrant, is it wise to purchase a residential property (pay in full) with funds brought into Canada after landing?
It depends.

Let say you bought a house - live on the main floor while renting out the basement. you can deduct certain expenses (such as mortgage interest) from your annual income tax. But if you pay in full, you won't have the mortgage interest expense.
 
Last edited:

CSHA

Newbie
Dec 9, 2018
2
0
Thank you for the reply. With no credit history for a new immigrant, obtaining a mortgage loan might be difficult and hence I was thinking of buying outright. Is it possible to get mortgage loans without a job in Canada, if I make a huge down payment?
 

canuck78

VIP Member
Jun 18, 2017
27,967
6,056
Thank you for the reply. With no credit history for a new immigrant, obtaining a mortgage loan might be difficult and hence I was thinking of buying outright. Is it possible to get mortgage loans without a job in Canada, if I make a huge down payment?
Unlikely if so the terms will not be great. Self-employed individuals usually have to have a longer employment history to qualiu=y for a mortgage at the best rates.
 

steaky

VIP Member
Nov 11, 2008
9,800
628
Job Offer........
Pre-Assessed..
Thank you for the reply. With no credit history for a new immigrant, obtaining a mortgage loan might be difficult and hence I was thinking of buying outright. Is it possible to get mortgage loans without a job in Canada, if I make a huge down payment?
Employed overseas is fine.
 
Aug 12, 2018
6
0
Mississauga, ON
Thank you for the reply. With no credit history for a new immigrant, obtaining a mortgage loan might be difficult and hence I was thinking of buying outright. Is it possible to get mortgage loans without a job in Canada, if I make a huge down payment?
Hi CSHA,

As a new immigrant you can get mortgage easily under new Immigrant programs by certain banks. Mostly, Banks requires you to put 35% Downpayment and then you can get mortgage without credit history and without job. I have arranged mortgage from major banks, for my clients who arrived here as new immigrants within a week time.

Coming to the first part of your question, In Canada, you are all set if you have a house and have a Job. It is always better to pay mortgage and build equity instead of paying rent to someone. It is a good idea to buy a house whenever you are ready (have down payment etc), specially in the current market when the prices are not crazy high.
 

ctr

Member
Jan 27, 2018
11
0
Hi CSHA,

As a new immigrant you can get mortgage easily under new Immigrant programs by certain banks. Mostly, Banks requires you to put 35% Downpayment and then you can get mortgage without credit history and without job. I have arranged mortgage from major banks, for my clients who arrived here as new immigrants within a week time.

Coming to the first part of your question, In Canada, you are all set if you have a house and have a Job. It is always better to pay mortgage and build equity instead of paying rent to someone. It is a good idea to buy a house whenever you are ready (have down payment etc), specially in the current market when the prices are not crazy high.
Hi Zia,

I'm moving to Canada in a couple of months. We are looking to buy a home. We can put down 35% down payment. I won't have a job in Canada but I will be continuing my employment with my employer in my home country (working from home). Is it possible to get a mortgage in my case?
 
Aug 12, 2018
6
0
Mississauga, ON
Hi Zia,

I'm moving to Canada in a couple of months. We are looking to buy a home. We can put down 35% down payment. I won't have a job in Canada but I will be continuing my employment with my employer in my home country (working from home). Is it possible to get a mortgage in my case?

Hi Ctr,

There is no problem at all. I had meeting today with RBC for my client and the good thing is, the bank is actively promoting 35% dp mortgage product. Just make sure additional you can show one year PI in Bank account. Hope this will help.
 

ctr

Member
Jan 27, 2018
11
0
Hi Ctr,

There is no problem at all. I had meeting today with RBC for my client and the good thing is, the bank is actively promoting 35% dp mortgage product. Just make sure additional you can show one year PI in Bank account. Hope this will help.
Thanks Zia. One more question is it possible to get a conventional mortgage with 20% down payment showing my foreign employment income and credit history from my home country? I can get reference letters from my employer, bank etc.
 
Aug 12, 2018
6
0
Mississauga, ON
Thanks Zia. One more question is it possible to get a conventional mortgage with 20% down payment showing my foreign employment income and credit history from my home country? I can get reference letters from my employer, bank etc.
Hi Ctr,
Sorry for late reply. Highly unlikely.
In this scenario, only good option is 35% dp. But keep all your current and past pay stubs and employment letter with you. This will help you even in 35% dp. Hope this will be helpful. Feel free to contact.