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Residential Purchase

What you need to know about it

Residential Purchase

Qualify Yourself For a Residential Mortgage in Canada

Buying A Property in Canada with Residential Purchase
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If you do not have the finances to purchase a house outright, your ability to buy a home and qualify for a mortgage are tied. Specific financial standards established by Canadian banks and financial organizations must be met. This may seem frightening and even tricky, owing to common beliefs. There is a widespread misconception that immigrants (or even Canadians) cannot get a residential purchase mortgage from a Canadian bank, that they will not qualify if they do not have an excellent credit history, or that will not be eligible until they have worked in Canada for a couple of years.

I am here to tell you DO NOT believe them. As far as you are eligible for getting a residential purchase loan, I can – and I am able to – help you to get one. I am with you from the initial steps till you step into your new house.


What Is The Residential Purchase Mortgage

When purchasing a property, you may only be able to pay a portion of the buying price. Your payment will be a down payment. You may need the assistance of a lender (A bank or an organization) to finance the remaining expenditures of the residential purchase. A mortgage is a loan obtained from a lender to help pay for your property. 

A mortgage is a legally binding agreement between you and your lender. It describes the terms of your loan and is secured by real estates, such as a home or a condo. A secured loan gives the lender the legal authority to repossess your property. They have the right to do so if you do not follow the terms of your mortgage. This includes paying on time and keeping your house in good condition. 

With years of financial expertise, I can offer you more mortgage alternatives and better rates than your regular bank. I work with you to get the best mortgage at the best rate for your specific needs.

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Requirements to Qualify for a Residential Purchase

Both permanent and non-permanent residents in Canada are eligible to apply for financing options. However, your condition will determine whether or not you qualify for a mortgage. The following is an outline of the prerequisites for a mortgage: 

Permanent Resident Mortgage Requirements for Residential Purchase 

You will be eligible for a wide range of mortgages and program options after you have been granted permanent residency. If you have an excellent credit rating, you may be able to qualify for a conventional mortgage for a residential purchase. This indicates that at least one of the candidates has to have a credit score that is greater than 680. 

A minimum down payment of five percent is also required. Through participation in a program for newcomers to Canada, it is possible to get a mortgage even if you do not have an excellent credit score. You will still be required to make a down payment of at least 5%. You are required to buy mortgage loan insurance if you make a down payment that is less than twenty percent of the total cost of the property. 

Non-permanent Resident Mortgage Requirements for Residential Purchase 

As a non-permanent resident, you have unique criteria to qualify for a mortgage. To get a residential purchase mortgage, you will need to be in possession of a valid work permit to legally be able to find employment in Canada, for instance. Additionally, you have to acquire a home in which you want to reside and make a minimum down payment of 10% on it. 

If you have a solid credit history, you may be able to qualify for a standard mortgage. If you do not already have an established credit history in Canada, you may be required to get a letter of reference from a financial institution in the nation from where you are initially from. You will need to meet the requirements of a program that is relatively new in Canada. You will not be eligible for a mortgage if you are not a permanent resident of the country if you have bad credit, and if you do not have a down payment of at least 10%.

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With Pre-Approval + Maria, You Will Save Thousands

It makes sense to get a mortgage pre-approval. Lenders are keener to give you money if you have a pre-approved mortgage, and I can be more generous with my assistance when you do. Having my residential purchase mortgage consultants on your side can help you simply save thousands of dollars that you have worked hard to earn. My knowledge of the mortgage industry is unsurpassed. Being highly trained, I can provide you with better alternatives than a "specialist" bank teller to help you save money, time, and worry both now and in the future for a residential purchase mortgage.

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