Mortgage with 25% down.Is it possible

Jump to Page:
< Previous [ 1 ] [ 2 ] [ 3 ] Next >

Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

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

erra
Member since: Aug 05

Posts: 120
Location:
Post ID: #PID

Posted on: 27-09-05 00:52:25

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

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 27-09-05 11:20:19

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.

-----------------------------------------------------------------

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 27-09-05 19:27:59

HI Promod

Thanks for your reply. I will send you a mail with details today.

Thanks

NorthYorkDesi
Member since: Mar 05

Posts: 151
Location:
Post ID: #PID

Posted on: 17-01-06 15:29:32

Did you get your house Val???

Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 17-01-06 20:51:35

Not as yet, however mortgage is not the reason..

Rohit69
Member since: Jan 06

Posts: 109
Location: GTA
Post ID: #PID

Posted on: 17-01-06 21:07:18

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!!!

Contributors: Rohit69(5) Val(4) morning_rain(2) hchheda(1) erra(1) desi in ottawa(1) Pramod Chopra(1) NorthYorkDesi(1) sanjeevm(1)

Jump to Page: < Previous [ 1 ] [ 2 ] [ 3 ] Next >

Show Printable version

Send this page to a friend

Add to favorites

Discussions similar to: Mortgage with 25% down.Is it possible
	Topic	Forum	Views	Replies
	Sticky: Old Doordarshan Serials ! Your Pick ? ( 1 2 3 ... Last )	Filmi Gupshup	195168	193
	India - comprehensive but interesting collection of websites	General	16242	3
	Being Vegetarian ( 1 2 3 ... Last )	General	29322	157
	Top Eight Reasons NOT to immigrate to Canada ** ( 1 2 3 ... Last )	Jobs	65004	324
	It's a Flat World, After All	News and Events	1846	0
	Top Eight Reasons NOT to immigrate to Canada ( 1 2 3 4 )	Moving Soon	9125	27
	Mortgage with 25% down.Is it possible ( 1 2 3 )	Real Estate & Mortgages	5081	16
	Dubai... ( 1 2 3 4 5 )	Moving Soon	9119	32
	Interesting Article About Canada	General	2213	1
	Nine ways to save on taxes using RRSPs ( 1 2 3 )	Financial Planning	6331	19
	Sticky: All Home Hunters Unite! ( 1 2 3 ... Last )	Real Estate & Mortgages	67969	201
	Sticky: Roadmap for new comers why and how to buy House in GTA ( 1 2 3 ... Last )	Real Estate & Mortgages	52342	36
	Getting Gift money from India ( 1 2 3 4 )	Financial Planning	16346	22
	Appeal-War Atrocities (Kargill)	Articles	11202	0
	Lease agreement- Problem at the end of lease ( 1 2 3 )	Real Estate & Mortgages	9121	20
	Message for our brave soldier‏	Sports	11337	2
	What to Expect When You Immigrate ( 1 2 )	General	3936	11
	Long-term economic outlook of USA and beyond ( 1 2 3 ... Last )	USA	23959	82
	Dark Side of Dubai !	General	3607	4
	President Obama's speech at Cairo University ( 1 2 )	General	1791	7
	The Best Answers to Tough Interview Questions ( 1 2 3 4 )	Jobs	10354	24
	Investment property ( 1 2 )	Real Estate & Mortgages	4754	12
	Is university worth it ?	Study	2785	1
	TN Visa to Green Card ( 1 2 3 4 5 )	USA	9393	31
	WHODATHUNKIT ( 1 2 3 )	General	9108	17

Charcha

Mortgage with 25% down.Is it possible

Discussions similar to: Mortgage with 25% down.Is it possible