Posted on: 10-02-07 20:03:56
HI Desis,
Just wanna ask u all gurus some questions about getting a mortgage without a line of credit, i recently moved to canada (3 months back) and have a decent job and can easily pay my mortgage instalments. I have a credit card which i am using and paying all the bills in time.
Can anyone please guide me as i dont want to take a rental apartment/ home.
Please throw some light and options so that i can buy either a condo or a semi detached. I can pay around 10% as a down payment.
Any help from you guys will b greatly appreciated.
Quote:
Originally posted by Kit
HI Desis,
Just wanna ask u all gurus some questions about getting a mortgage without a line of credit, i recently moved to canada (3 months back) and have a decent job and can easily pay my mortgage instalments. I have a credit card which i am using and paying all the bills in time.
Can anyone please guide me as i dont want to take a rental apartment/ home.
Please throw some light and options so that i can buy either a condo or a semi detached. I can pay around 10% as a down payment.
Any help from you guys will b greatly appreciated.
In canada most of the mortgages are with out line of credit. You get LOC only if you specifically ask for it.
It is good to know that you understand the need to buy a home you can afford instead of renting and paying some one else's mortgage. I have helped a lot of my CD members in your situation to get them mortgage to buy their own sweet home and I can help you out too.
You can contact me for no obligation meeting for any advice on mortgages and or financial planning. You can find my details from my signatures below.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
It is mortgage in every case to be amortized in a specific time period until one does not ask for a line of credit. A line of credit being secured is always available at prime rate and comes with some different conditions as against to a usual mortgage.
For more information, you can send me an email or PM or call me any time.
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