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| Subject: Easiest way to buy a house in Canada |
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While there are issues about credit and credit history for new immigrants, it is nice to know you can buy the house out right with 80-90% down payment and borrow the rest on short term loan. For this you only need proof of sustained income. If you can pitch in 100% of the cost of the house, it is the best situation.
[17-07-2008,17:17]
[***.202.38.153]
Helper |
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(in reply to: Easiest way to buy a house in Canada)
80 - 90 % down payment... Wow.. what a option.
I´ve another option... you can buy house with 100 % down payment and that way you don´t have to wait for Mortgate approval..
Great help Helper...
Anyways... those who are new here... Once you are in Canada ... do first thing.. go and put 500 or 1000 CA$ in Bank (in GIC) and ask them to get you a Secured Credit Card (Secured Visa.. or so) and start using this credit card ... MAKE SURE TO PAY BACK WHOLE AMOUNT SPENT... WITHIN GIVEN TIME.. IT WILL HELP YOU TO BULD YOUR CREDIT HISTORY.
- Lucky
[17-07-2008,22:16]
[***.166.186.1]
Lucky |
(in reply to: Easiest way to buy a house in Canada)
And to add, any U.S. credit card history you may have, no matter for how long or reputable, is of zero value in Canada, and will not help establish credit worthiness there.
[17-07-2008,22:22]
[**.47.173.225]
Richard |
Easiest way to buy a house in Canada (in reply to: Easiest way to buy a house in Canada)
An average house in downtown toronto cost over 700 thousand if i had even 10% of it in my account I won tven leave my country to come to canada.
[18-07-2008,03:44]
[**.234.181.122]
Vinny |
(in reply to: Easiest way to buy a house in Canada)
Richard: That´s what I thought too, but when I talked with our banker last week in SJ about the possibility of securing a mortgage with no Canadian credit, and he said our US credit was absolutely fine for them to use.
It helps that we have 25-30% to put down on a house, and we have secured a job, but even before we discussed any of that, he assured me that they have full access to our US credit history.
I wonder why there are mixed results with this?
[18-07-2008,08:29]
[**.72.64.243]
wannbecanadian |
(in reply to: Easiest way to buy a house in Canada)
US credit history may help at least in mortgage.
Read in this thread by a mortgage agent Deborah:
http://www.canada-city.ca/canada-immigration/posting.php?messageid=24421
"For GNW insured Applications with LVRs up to 90%:
o Canadian credit history with a minimum Beacon score of 650 (No Score or No Hit not acceptable), or;
o Letter of reference from a recognized financial institution, or;
o 6 months of bank statements from a primary bank account.
If none of the above are available:
o U.S. or International Credit Bureau demonstrating no derogatory credit history. If you are immigrating to Canada you should bring your credit report, if possible.
[18-07-2008,10:40]
[**.207.127.42]
DC |
(in reply to: Easiest way to buy a house in Canada)
Good luck to whoever is buying house. I have simplified my situation by puttin down 90% as down payment and the remainder will be paid off in next two years. Meanwhile I rent two rooms in basement and it covers the utilities, property tax and load payment. Once the two years are up, I will have to calculate if I am making enough to cover the feeble interest I was making on the original capital. Of course, if I add my own hypothetical rent, it seems like a good idea to own the house, though you have to worry about maintenance costs year after year.
[18-07-2008,10:47]
[***.202.38.153]
Helper |
(in reply to: Easiest way to buy a house in Canada)
I do the math this way - if the house is worth $100,000 and you pay $1,000 in rent each month...you have thrown away $12,000. If you pay $12,000 in mortgages payments, $1,000 in taxes and $1,500 in maintenance you are down $14,500.
IF the house goes up 6% you deduct $6,000 from your $14,500. You have now lived in that house for $14,500 instead of $12,000 but have stuck $6,000 in the savings account. Eventually you can live there for free once you pay the mortgage off.
The only time it is bad to own a house is when you can´t afford it.
[18-07-2008,13:00]
[**.155.160.37]
Sharon |
(in reply to: Easiest way to buy a house in Canada)
That´s great wannabe that your bank in SJ recognizes your U.S. credit history. It may be that in your case you´re going for a mortgage. In my case, it was getting a Canadian credit card. CIBC and other banks said they absolutely do not use nor have access to U.S. credit card history, and that I need to establish my own history separately in Canada. American Express was the exception, and got a card right away.
I think DC is also confirming mortgage credit history recognition may be different situation.
[18-07-2008,13:34]
[**.47.173.225]
Richard |
(in reply to: Easiest way to buy a house in Canada)
once you determine where you want to live, I would urge you to investigate the local Credit Unions. They are guaranteed in the same way the banks are and I have personally found them to be more rational, woman friendly and flexible. Conventional bank would be my last resort.
[18-07-2008,13:51]
[**.155.160.37]
Sharon |
(in reply to: Easiest way to buy a house in Canada)
Richard,
I also got similar response from the banks when I appled for the credit cards in Canada, I´ve to start from te scratch, no value of US credit history. In fact I had a tough time to get the 1st card there.
Now it looks like for home mortgage it may be different.
[18-07-2008,14:34]
[**.207.127.42]
DC |
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