Through 2012 and early 2013, there were lots of changes in Canadian mortgage policy. These new policies gave advantages to borrowers whose income came from employment in a stable workplace. If you are self-employed, it’s likely you will face strict policy limits in trying to obtain a mortgage from a traditional bank. In some institutions, the rate you will get is higher, and you’ll have to come up with a much larger down payment from your own resources. If you attempt to refinance, the bank will ask you to take out an expensive insurance policy, even if you meet the 80% of the house value requirement. This is where working with a mortgage broker is to your advantage: because we have access to over 48 institutions, we can help you get the best rate in the market, even if you’re self-employed or a small business owner. In some cases, we can even help you get a mortgage with no premium. Call today to hear what we can do for you.
Are you in Canada on a work visa? Do you believe you can’t get a mortgage? Or perhaps you were told that 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 rents 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 many limitations and changes in policies in the mortgage market, you can still get a mortgage for up to 95% of the house value, with the best rates in the market, even if you only hold a work visa. The process requires preparation, 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.
Building a Credit Rating
Your credit history will define both your likelihood of approval and the rates and terms you will be offered for your mortgage. Properly building your credit history is an art in itself. If you have just arrived in Canada, or you haven’t started building your credit history yet, we’d love to guide you through the do’s and don’ts of building a credit history that will give you access to bank approval for a mortgage, a car loan, or any other credit you might need. You can read our tips for building your credit rating here, or call us for a personal consultation.
What to Do if You Have No Credit Rating
If you haven’t started building your credit rating, you might ask yourself, “Should I wait a year or two, until I have enough of a credit history?” Banks and other institutions do offer solutions to those who haven’t had the opportunity to build a credit history, such as newcomers in Canada or even young people who want to buy. We can help you build an alternative profile that will serve you in the first year. Call us to find out how.