Are you in Canada on a work visa? Do you believe that because of this you can’t get a mortgage? Or perhaps you were told that as a work visa holder, you can’t get good terms on a mortgage and that you should wait until you receive your permanent residence to try and get a mortgage?
In the past few years, we’ve known quite a few immigrants who have been told these myths, even from bank officers, and spent years paying high rent and delaying their ability to save up for a down payment. But while those folks waited, many of our clients who held only work visas have moved into their own houses, purchased with mortgages we helped them obtain, with the best rates and terms.
What you probably don’t know is that while there are lots of limitations and changes in policies in the mortgage market, you can still get a mortgage with a work visa for up to 95% of the house value with the best rates in the market.
Applicants who have secure employment and who are not on probation may borrow up to 95% of the purchase price (based on their income). You’ll need to show a proof of valid work permit or visa for at least one year, an International Credit Bureau report or alternatives indicated by the lender, a down payment source, a work contract with a projected term longer than a year, and a letter of reference from a recognized financial institution or six months of bank statements confirming satisfactory account operation.
As you can see, the process requires preparation and time, but we know how to do it. Call us to find out how you can get a mortgage while on a work visa, and how we can help.