Can you get a mortgage on a work visa in BC?
New to Canada? Worried that you can’t buy until you have residency?
It should come as no surprise to most people that Canada has some really great immigration policies, which means that a lot of people buying homes in Canada are new to Canada, or they've immigrated at some point, or they're still on some type of temporary visa or something like that.
A constant thing we get is people misunderstanding some of the policies around that.
So if you do not have your PR card... once you have your PR card and/or you're a resident of Canada, you can definitely get a mortgage under our programs.
Now we're probably going to look at some alternate credit, like if you don't have a lot of established credit in Canada, we're going to have to look at some landlord letters, some utility letters, some credit bureaus in the country that you originated from.
All those things are possible.
But what if you're not a permanent resident?
So if I'm on a work visa, can I still get a mortgage?
Yes, you can get a mortgage if you're on a work visa.
10% is usually the going down payment on that with some alternate credit and making sure that you have an extension on that visa and that type of thing.
Now here's another important thing to be aware of.
So you can get a mortgage if you are on a PR card, not a citizen.
You can get a mortgage if you're on a work visa.
Now here's the type of mortgage that you can't really get very easily... is if you're a Canadian citizen living overseas, working overseas and not residing in Canada, that's a much harder mortgage to get.
So generally where the mortgages are easy to get are people that are living and working in Canada.
The way to think about that, too, is that a bank wants to think about, if you don't pay, they want to be able to track you down.
If you're out of the country, that's a very difficult thing to do.
So if you're on a work visa, you can get a mortgage.
If we can help you out with that, please reach out to us.
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