Posted on: 26-09-05 19:01:23
Hi
Can someone give me some ideas on mortgage. My situation is like this.
1. I want to buy a house
2. I have a net worth of more than the cost of the house.
3. Though I have a full time job, my earnings here is nothing much to speak about.
4. My wife is going to join me shortly and so not started work here as yet.
5. As my money is in USD , and for usd we get good rate of interest in India, I have kept it there.
6. Is anyway I can get a good mortgage by paying 25 % downpayment.
7. I have heard people do get mortgages.. wonder how do they do that.
Any ideas
Thanks
Val,
Please read this link. You may find the information you are looking for.
http://www.canadiandesi.com/read.php?TID=7665&page=1#42616
erra
Quote:
Orginally posted by Val
Hi
Can someone give me some ideas on mortgage. My situation is like this......................................................
Any ideas
Thanks
1. I want to buy a house.
Congrats. If you are paying a high rent and have the means to buy a house, you should go for it.
2. I have a net worth of more than the cost of the house.
That's really good and makes you a good candidate for mortgage approval if you also have a very good credit history.
3. Though I have a full time job, my earnings here is nothing much to speak about.
No comments here unless I see the situation my self. However, with good credit and net worth you may qualify for some alternate programs.
4. My wife is going to join me shortly and so not started work here as yet.
Congratulations. Do not worry as she should get the job here sooner or later.
5. As my money is in USD , and for usd we get good rate of interest in India, I have kept it there.
I hope you have kept your money in FCNR deposit and NOT in NRE RUPEE deposits. What rate of interest you get in FCNR deposit in India?. I hope you have not locked up the money for longer time. If you are not getting a good return on your money there, you should put more towards down payment and save the interest here. Remember money saved is money earned. Moreover, the interest income on the FCNR deposit is also taxable in Canada (NOT IN INDIA) as you have to declare your worldwide income in Canada effectively reducing your interest income.
6. Is anyway I can get a good mortgage by paying 25 % downpayment.
Yes. As stated earlier you can certainly get mortgage on 25% down payment and after seeing all the facts we can determine if that would be a good mortgage or not.
7. I have heard people do get mortgages.. wonder how do they do that.
Why heard only?. You have SEEN pople getting mortgages all the time and there is nothing to wonder about until we know their true situations.
If you need more information or clarifications, you can email me with your details and I can guide you accordingly.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
HI Promod
Thanks for your reply. I will send you a mail with details today.
Thanks
Did you get your house Val???
Not as yet, however mortgage is not the reason..
Val,
Mortgage is no issue here...this is a credit economy...evenly remotely potential candidates get credit....however remember, at the later stages of your life be always in Credit here...be in debt..take your debits or your assets to India or elsewhere....I repeat having money here wud go against you in later years....
Also do not expose 25% right away as down, unless you really have to..if u r a beginner get onto rent and watch...property prices r very high right now and will come down...dont trust every broker...do your assessment...most will say "Why rent when u can own"...there is a fallacy in this statement especially for beginers and first time mortgagers...if you r putting a higher down, bargain like hell for a better rate...cross check what the mortgage broker tells u directly from the bank...do your home work b4 u jump in....getting a house is never a problem here and financing it is also not a problem...getting stuck with it could be a problem...this real estate market is not like India, where the demand is numerous times the supply......Cheers!!!
