House Mortgage or buy a house?

I live in Calgary Canada and i have a work permit i ask him/her can i buy a House or can i get a mortgage for house ?

2 Answers

Relevance
  • 9 years ago
    Favorite Answer

    Having only a work permit would be an instant no from any bank or mortgage company, you need your Permanent Residency.

    With a work permit, you can probably get a credit card and start building your credit rating (depends on the bank, some do some dont, but i know a friend with a work permit and an RBC Visa, other banks like Scotia will only give you a secured Visa).

    Also you need a downpayment, so you need to save money. Unless you go for Rent to Own with zero down, which i think they are a bad choice for desperate people.

    Also, house prices are going down right now, so unless you have a juicy downpayment (say 20% for a 300,000 home, so $60,000) and a knowledge of the possibility that you might lose some money, then i would say you wait until you have the money and the residency.

  • ?
    Lv 7
    9 years ago

    Buying a house is the same as getting a mortgage. Depends on your credit and income. Ask your bank

Still have questions? Get your answers by asking now.