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Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

New Mortgage Policy (from 2012)

Since November 1st 2012, most Canadian banks strengthen the mortgage policy. To new immigrants, it means that down payment requirement changes from 30% to 35%, in order to qualify for mortgage application. For high amount mortgage (larger than 1.5 million), there is even more documents required for application.

There are also some changes to mortgage for non-residents and international students. For instance, in the past as long as international student can put 35% in down payment, most Canadian banks would approve that mortgage application. It it no longer that way. It now requires more documents to support your mortgage application besides down payment requirement.

Since the policy changes, we experience different mortgage application cases. Take this international student mortgage case video for example, we see different bank has its different interpretation and decision toward same applicant. Since we have helped a lot of international students to buy real estate homes in Vancouver area, we gathered somewhat experience about that kind of mortgage.

If you have any home buying enquiry, please feel free to contact us directly.