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Are You New to Canada?
(We can hep you buy your dream home)
Welcome to Canada! Being a recent immigrant doesn’t necessarily mean you need to wait to purchase a home. If you have been in Canada for less than five years, have landed immigrant status or valid work permit, and have been employed in Canada for a minimum of three months, you can qualify for a mortgage. You’ll need a Letter of Employment, recent pay stubs, and verifiable bank statements from a recognized financial institution. This can include a financial institution from your country of origin if you have been in Canada for less than 12 months.
How It Works:
Step 1: Initial Consultation
Come in or call and arrange for a private consultation to assess your current situation and your home ownership goals. We will assess your credit and together we can make a determination if the time is right to buy a home. If you are not ready for whatever reason we’ll work with you and explain what needs to be done to prepare so you can get your home as soon as possible.
Step 2: Application and Documents
We will assist with all of the documents required in order to complete your successful application. Once that’s complete you will go through the pre-approval process and have lenders fighting for your business. We then work with you to look over the various options so you can make an informed decision.
Step 3: Finding Your Home
Once you have your pre-approval you can look for a home with confidence. You’ll know what your purchase price range is and if you need an income suite or not. We suggest working with a professional local realtor to assist in finding the perfect home in the right neighbourhood.
Victoria Mortgage News and Information
Bank of Canada to maintain current level rate policy
Bank of Canada will keep present level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program The Bank of Canada today maintained the target of its for the overnight price on the highly effective lower bound of ¼ %, with the Bank Rate at ½ %
2020 Thoughts on Fixed vs Variable
Fixed or adjustable – it is the ongoing mortgage product decision many mortgage buyers are faced with. And it has only been made more complex since the beginning of the pandemic. Towards the second half of 2019, variable rates have been the most obvious and popular choice. But a great
Affordability and Alternative Lending Options Part 1
Motions within the rental market are excellent signs of the state of housing affordability. When folks cannot find the money to purchase, they rent, and also when there is an influx of renters in a field with constrained housing supply, landlords are in a position to demand more. In Victoria
Mortgage Stress Test Rate Drops to 4.79%
The Canadian national mortgage benchmark qualifying rate, or stress-test rate, has dropped for the second time in the past three months after 5-year fixed posted rate cuts by Canada’s major banks. The qualifying rate is now 4.79%, down from 4.94%. The current benchmark rate of 4.79% is just 0.15% above
Canadian & U.S. Central Banks Respond to Covid-19
On Friday afternoon March 13, 2020, Canadian policymakers from the Department of Finance, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) announced a coordinated response to alleviate economic stress caused by the COVID-19 pandemic. The emergency measures, which are intended to ensure that the
