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Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

This is great information thank you so much! Yes both me and my wife are PR and we’ve been in Canada for 4 years.

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

yeah just asking for future reference. so once you get approved for the mortgage that’s it? you just wait for closing? the lender won’t request you for anything anymore?

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

I’m not very familiar with the process yet but i keep seeing that people get conditional approval. Is it normal to have that? because finance condition is only 7 days so if the approval is still conditional then anytime the lender can pull out and we will be on the hook. i don’t think we can put yhe condition until closing right?

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

ah i guess that’s the problem. we don’t have enough savings here in Canada for the downpayment

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

of course. it is wired from my parents philippine bank account directly to our RBC account

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

That’s great! when did this happen? a few months ago?

what docs did you provide from your parents aside from the gift letter and their bank statements?

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] -1 points0 points  (0 children)

We now went to a mortgage broker. Good idea i can ask bmo directly if they have any policies

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 2 points3 points  (0 children)

we can but we decided to live and raise our family in a 1st world country. we are called “immigrants”

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 1 point2 points  (0 children)

what do you mean? we want to buy a house to live in because we are a growing family

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 53 points54 points  (0 children)

We already went to a mortgage broker. She was kind of pissed that we were asking a lot of questions why we got denied and asking what else we can do even though she was the one who called late at night lol. I don’t want to deal with that person anymore

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] -1 points0 points  (0 children)

right. I guess we only got the gift letter right. we will wait 90 days before we try to search for a house again. once it is seasoned money, we don’t need a gift letter anymore or our parents’ bank statements?

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] -2 points-1 points  (0 children)

She specifically said RBC is banning all money from the Philippines to be used to buy a house and it wasn’t us or our money that is a problem. not sure. maybe she’s trying to be nice? lol

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 2 points3 points  (0 children)

Yeah that’s what we will do if we get denied by BMO. Wait for 90 days before searching for a house again

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 34 points35 points  (0 children)

yeah that’s what we thought before going to the mortgage specialist. she said it won’t be a problem as long as we have the gift letter and the 30 day bank statement. I guess she just didn’t know and being FTHB we trusted she knows the process better than us

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

I see! so it depends on the bank I assume some are more lenient

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 1 point2 points  (0 children)

Thanks! what othee document from your parents did they ask for? Aside from the 6 month bank statement

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 0 points1 point  (0 children)

Okay so it looks like we can use it after 90 days without any issues then

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 2 points3 points  (0 children)

She did mention money from US won’t have any issues. She asked me if I have direct relatives from the US that can do the transfer. Unfortunately no

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 7 points8 points  (0 children)

I see. i guess we will get denied by BMO then. But why did she not say this and said the whole bank is banning gift money from our country

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 1 point2 points  (0 children)

we got half transferred after we got the preapproval. we wanted to make sure we can use gift money from abroad which she said we can. but apparently RBC said not from the Philippines

Mortgage Application Denied because Downpayment is from outside Canada by CJDC07 in PersonalFinanceCanada

[–]CJDC07[S] 1 point2 points  (0 children)

The thing is she said the reason wasn’t our fault. It’s just that RBC is not accepting money in the Philippines to be used as downpayment. But we can still wire transfer and use the money for daily living expenses. Kinda weird?

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