How much you can borrow for a mortgage loan?

[mortgagegopher]

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]

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]

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.