| Canadian mortgages have some quite subtle | | | | attractive to buyers who will not normally qualify for |
| differences from the UK system I was used to so I | | | | a mortgage. The debt may be sold to a third party |
| have no doubt they will be fairly new to most | | | | but the original terms should apply. |
| nationalities. Whichever type of home you buy, the | | | | With such a major part of your life on the table it is |
| chances are you will need a mortgage. There are | | | | definitely worth using the services of a Professional |
| several different methods of financing a home buying | | | | Mortgage Broker. That way, all the options for |
| purchase that are used in Canada: | | | | financing will be thoroughly explained, sound advice on |
| Assuming a mortgage - This involves taking over the | | | | the best options for your individual circumstances can |
| sellers mortgage and negates the need to arrange | | | | be given and access to mortgage funds can be |
| your own financing. The rate you take on may well | | | | arranged for most people under the most favorable |
| be fixed lower than the rates on offer and you | | | | terms. Most are independant and will search out the |
| should not be required to pay appraisal and other | | | | best deal from across the current market as they |
| setup costs. In some cases you will not have to | | | | are not tied to any particular vendor. |
| qualify for the mortgage either, though this depends | | | | Under international money laundering laws, ALL |
| on the original terms imposed by the lender. Normally, | | | | mortgage providers will now require proof of origin of |
| you will have to buy out the part of the mortgage | | | | any funds used to purchase a property. It is essential |
| already paid off by the current lender. | | | | that any lawyers closing statements for house sales, |
| Standard mortgage - Most major banks will lend up | | | | money transfer receipts, savings statements and |
| to 65% of the appraised value to immigrants before | | | | bank records are made available when you apply for |
| they have permanent employment as part of a | | | | a mortgage. Basically ensure you have a verified |
| welcome to Canada package. This will depend on | | | | "paper trail" for your money! |
| individual circumstances and obviously will not be | | | | Finally, if you eside in Canada, most Canadian |
| available to some people. Once you are working in full | | | | employers will pay every 2 weeks and so it makes |
| time employment, normal rules should apply. | | | | sense to pay your mortgage "bi-weekly". This means |
| Vendor Take Back - Basically, the seller of the | | | | you will make 13 payments a year instead of 12 and |
| property will lend some or all of the cash required to | | | | so will pay the mortgage off faster - this can take |
| buy at terms negotiated between you. This is very | | | | around 3.5 years off your mortgage life. |