How much you can borrow for a mortgage loan?

mortgagegopher

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  • If you plan to purchase a home and you want to know how much you can borrow for a mortgage, submit a mortgage pre-approval application at Mortgage Pre-approval Application

    I will tell you how much you can afford for a mortgage loan and interest rate based on your information and your credit report.

    Note: Your consent. By submitting a mortgage application, you authorize us to obtain your credit report information from Equifax Canada.
     

    Join999

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    How much can I borrow for a mortgage loan as an immigrant

    As a new immigrant (first time for mortgate loan) to buy house, I have some questions need your help:
    1, I have no long-term work currently, how much can I borrow?
    2, I heard of that I just need to pay 5% down-payment as a new immigrant (I landed in 2005, but this is the first time purchasing a house), is it right?

    Thanks for your prompt response ?

    Happy Chinese Spring Festival !!!
     

    mortgagegopher

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    As a new immigrant (first time for mortgate loan) to buy house, I have some questions need your help:
    1, I have no long-term work currently, how much can I borrow?
    2, I heard of that I just need to pay 5% down-payment as a new immigrant (I landed in 2005, but this is the first time purchasing a house), is it right?

    Thanks for your prompt response ?

    Happy Chinese Spring Festival !!!
    Since I don't have your personal and income details, the following is a general information ONLY.

    How much can you borrow?
    - Try the mortgage calculator at ING, it will give you an idea. ING DIRECT - Mortgage Calculators

    If you don't have a permanent "salaried" job for more than 3 months,
    - (1) you can borrow up to 65% (new immigrants program), or
    - (2) you can borrow up to 80% with higher interest rate and a lender fee (sub-prime program).

    For the 5% or even 0% down-payment mortgages, they are available for borrowers with income proof and good credit history.
     
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