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Loans and Mortgages

Discussion forum for expats moving to or living in Canada.

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Loans and Mortgages

Post Posted: Tue Feb 28, 2006 5:58 am

Hello

I have read Jims posts on loans and mortgages, so Jim if you or anyone else there can answer/clarify my question I would be grateful.

I understand from reading posts that my credit rating goes to Zero and cannot get a loan. At first I thought this would include a Mortgage Loan, but after reading the most recent post on the subject this may not be so!

Can I still apply if need be for a mortgage when (not if) I move to Canada?

Annette

 

N1k1002003
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Re: Loans and Mortgages

Post Posted: Tue Feb 28, 2006 8:31 pm

Annette:

In the case of a mortgage on a house, the lender holds the actual property as the collateral on the loan. If you default, they wind up owning the home. With a loan for something else, such as furniture, it can be moved and hidden, so the lender may be out of luck. Hard to hide a house, right?

The lender will do a credit check on the potential buyers, to establish their ability to make the payments on the house. Stability and good budgeting are what they are looking for, as well as adequate income to be able to pay for the loan and the upkeep of the property, and the annual property taxes.

A loan to buy a car is different, somewhat, as the amount is less and so is the payback time.

Jim B. Toronto.

 

buntingj
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Re: Loans and Mortgages

Post Posted: Sun Mar 05, 2006 4:07 pm

Hi - Re applying for a mortgage when you get to canada. If you have a healthy deposit to put down on a property when you get to canada I couldnt see why not. Make sure you set up a bank account straight away. I bought a propery and it was painless. Make sure you find a good Mortgage broker and bank with the likes of RBC or TD.

 

nash
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