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Today: 22.01.2018 - 14:11:43
   Canada Mortgage Hub Discussion Board -> Mortgage Calgary -> House Mortgage or buy a house?
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njzazz64

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House Mortgage or buy a house?
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Canadian interest rates
Post # 1.

ore0lick

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Buying a house is the same as getting a mortgage. Depends on your credit and income. Ask your bank
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rare_girl_1999

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Having only a work permit would be an instant no from any bank or mortgage company, you need your Permanent Residency.With a work permit, you can probably get a credit card and start building your credit rating (depends on the bank, some do some dont, but i know a friend with a work permit and an RBC Visa, other banks like Scotia will only give you a secured Visa).Also you need a downpayment, so you need to save money. Unless you go for Rent to Own with zero down, which i think they are a bad choice for desperate people.Also, house prices are going down right now, so unless you have a juicy downpayment (say 20% for a 300,000 home, so $60,000) and a knowledge of the possibility that you might lose some money, then i would say you wait until you have the money and the residency.
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Canada mortgage rate history
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