The Best Mortgage could Be Yours With Work Visa

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The Best Mortgage could Be Yours With Work Visa

Waiting for a Canadian passport? That doesn’t mean you have to wait for a mortgage!

Many Canadian immigrants believe that the best mortgages are only available to permanent residents and Canadian citizens. Fortunately, nothing could be further from the truth. If you arrived yesterday with a work visa, we can start work today to get you into the house – and mortgage – of your dreams, at the same rates as our permanent resident and citizen clients.

As a Mortgage Broker, I’ve met many people who’ve put off their dream of Canadian home ownership because they believe that they have to have that PR card first. Ella and Alex are a perfect example. After four years of living in Canada on a work visa, they finally received their permanent residence and rushed to buy their dream home in Toronto. Their faces were beaming; they were overjoyed to finally be Canadian homeowners. Sadly, they could have had that joy without spending four years and $72,000 in rent waiting for permanent residence! The stable employment and $90,000 annual income that allowed them to purchase their $625,000 house was in place all those years ago; they waited because of a myth.

In contrast to Ella and Alex, another one of our clients landed in Canada three months ago with his wife and three children. Just like Alex, he came on a work visa, with a three year work contract and a dream of a detached home in the Toronto suburbs. Unlike Ella and Alex, however, this client wasn’t dissuaded by myths about work visas and mortgages; $30,000 and a work visa was enough for this client’s family to live the dream of home ownership. I set him up with a Realtor, Erez Tamir, and within a week they found suitable properties. With modern financing packages, they were able to buy a four bedroom house for $621,000, and only had to put down 5%. Unlike Ella and Alex, this family will be able to enjoy their Canadian home while waiting for their PR cards, putting their money towards their future instead of rent.

This client’s success was no accident. According to Genworth and CMHC, the two leading insurers, a work visa allows the purchaser to get similar mortgages to citizens, whether buying a home or an investment property. What do those similar mortgages look like? As of April 2013, the fixed rate for five years (no added index) is only 2.79%. This is a very attractive rate! The average rate for the last twenty years is 5.3%; even compared to last year’s record low rates, 2.79% is a great rate.

If you’re worried that your work visa isn’t enough to get you into a great mortgage, it’s time to stop worrying and start looking. Lenders are looking for stability, not status. A borrower with a work visa and a solid contract with a known company is a good candidate for the best mortgage. His or her chances are actually better than those of a Canadian citizen without a permanent job, because that stability is what lenders want to see.

Getting the best mortgage is the result of extensive preparation; your status in Canada is only a limitation if you believe the myths. If you dream of having your own home, it’s a dream we at Convengo Mortgages can help make come true.

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