I'm wondering how many months/years I should live in Canada to be elieble for mortgage loan?
A little bit more details - I came to Canada having business visa 6 months ago and since 1-st month got my debit/credit cards (for credit one I left secure deposit).
Now I have work permit and good job offer and wondering for how long approximately I need to wait to be eligible for the mortgage loan.
Obviously I don't have PR and only planning to apply for an immigration program in future (after I will have enough Canadian work experience).
PS. Every month I actively use my debit/creadit accounts. Balance jumps +/- 2k every month.
Depending on your down payment, you can obtain a mortgage right away. At 35% down, you don't need to produce proof of income. At a down payment of between 5%-20%, the lender will look at your current work contract and may release funds. It's definitely best to seek the help of a mortgage broker as they will provide you with all possible options. I'm a long time real estate agent here in Toronto and would be happy to answer any further questions or put you in touch with some great individuals in the business.
