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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
Mortgage Co-Signer vs Guarantor
The recent tighter mortgage qualification rules reducing purchasing power by 20% combined with the higher prices of real estate, particularly in Victoria and Vancouver, can make it difficult for a person, or even a couple, to qualify for a mortgage on their own. But with home prices rising and inflation
New June 1 Stress-Test Mortgage Rules Confirmed
OFSI confirmed that all Conventional Mortgages with 20% down or more will as of June 1st be stress tested at 5.25%. The Deputy Prime Minister and Minister of Finance, Chrystia Freeland also issued a statement of her own, announcing the alignment of the insured stress test with the uninsured stress
A Very Basic Overview of Mortgage Qualification in BC
It doesn’t matter if you’re buying a new home or your first one, home buyers are always looking for the best deal! But it can be easy to focus on the rate before you even know if you’ll qualify. Online calculators never show the whole story. Even if you’ve been
OSFI to Re-Examine Stress-Test Policy
According to the Canadian Mortgage Brokers Association BC, the Office of the Superintendent of Financial Institutions (OSFI) restarted its consultation on the minimum qualifying rate for uninsured mortgages and re-emphasized the importance of sound mortgage underwriting. The new proposal for the qualifying rate for uninsured mortgages is the higher of
Bank of Canada Policy Rate Announcement – March 2021
Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing. The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate