How to Secure a Mortgage in Edmonton While Moving From Ontario

Are you considering a move to Edmonton, Alberta? The capital city of Alberta offers numerous enticing reasons to make it your new home. From abundant job opportunities and affordable real estate to an improved standard of living and ample amenities, Edmonton has a lot to offer. However, when it comes to securing a mortgage in Edmonton, especially if you’re relocating from Ontario, there can be some unique challenges to navigate. In this blog post, we’ll explore how to get a mortgage in Edmonton when you’re coming from Ontario and share some insider tips to make the process smoother.

Why Move to Edmonton?

Before delving into the intricacies of getting a mortgage in Edmonton from Ontario, it’s essential to understand why so many people are considering this move. Here are some compelling reasons to make the leap:

1. Abundance of Jobs: Edmonton is known for its thriving job market, with opportunities in various sectors, including healthcare, technology, and energy. The city’s diverse economy offers stability and growth potential.

2. Affordable Real Estate: Compared to major cities like Toronto and Vancouver, Edmonton boasts significantly more affordable real estate. You can find homes that fit your budget without sacrificing quality or location.

3. Better Standard of Living: Edmonton consistently ranks high in terms of quality of life. The city offers excellent healthcare, education, and safety, making it an attractive place to raise a family.

4. More Savings: Lower living costs in Edmonton mean you can potentially save more of your hard-earned money. This extra financial cushion can contribute to a better future and overall financial well-being.

5. Abundance of Amenities: Edmonton offers a wide range of amenities, from beautiful parks and recreational facilities to cultural attractions and a vibrant dining scene. There’s always something to do and explore in the city.

Now, let’s shift our focus to the crucial aspect of securing a mortgage in Edmonton when you’re from Ontario.

Getting a Mortgage in Edmonton When You’re From Ontario

Securing a mortgage in a new city can be challenging, and it’s no different when you’re moving from one province to another. Banks often have specific requirements and reservations when it comes to lending for primary residences, especially if you don’t yet have a job in your new city. Here’s why banks may hesitate to lend to you:

1. Lack of Property Vested Interest: Banks want to ensure that you are fully vested in the property you’re buying. When you’re relocating from Ontario, they may be skeptical until you physically move to Edmonton.

2. Uncertainty About Your Move: Banks may not fully believe your intention to move to Edmonton until you’ve taken concrete steps to do so. This uncertainty can make it challenging to secure a mortgage.

To qualify for a mortgage in Edmonton at most banks, you’ll need to consider the following options:

1. Remote Work Letter: If your job allows you to work remotely, obtaining an employment letter confirming your remote work arrangement can be valuable.

2. Transfer Within the Same Company: If your current employer has a presence in Edmonton and is transferring you with the same company, a transfer confirmation letter can strengthen your mortgage application.

3. Purchase a Rental Property: Consider purchasing a rental property in Edmonton with a 20% down payment. This investment can demonstrate your commitment to the city and your financial stability.

4. Purchase a Second Home: Buying a second home in Edmonton with a 20% down payment can be another way to prove your commitment to the city and your ability to manage multiple properties.

5. Sell Your Ontario Home: If you’re a homeowner in Ontario, selling your property and using the proceeds as a down payment on your new home in Edmonton can significantly boost your mortgage application.

Top Secret Mortgage: A Game-Changer

While most banks in Edmonton have strict requirements for mortgage applicants from out of province, there’s a top-secret solution that can make your mortgage journey much smoother. Enter the “Top Secret Mortgage.”

This unique mortgage option is available through select lenders and offers the following advantages:

• Acceptance of 5% Down Payment: Instead of the standard 20% down payment, this lender is willing to accept as little as 5% down, making homeownership more accessible.

• Use of Ontario Employment: You can use your Ontario employment as a basis for your mortgage application, even before physically moving to Edmonton.

• Temporary Shelter Fee: To accommodate your temporary residence in Ontario, the lender may charge a shelter fee of $750, allowing you to secure your mortgage without relocating immediately.

If you approach your bank directly with these circumstances, you may face rejection. That’s where mortgage specialists like the author of this blog post come into play. They specialize in securing mortgages for individuals in unique situations like moving from Ontario to Edmonton. With their expertise and insider knowledge, they can guide you through the process and help you get approved for the Top Secret Mortgage.

In conclusion, while securing a mortgage in Edmonton when you’re from Ontario may present some challenges, it’s entirely achievable with the right approach. Edmonton’s thriving job market, affordable real estate, and high quality of life make it a compelling destination for those seeking new opportunities. Whether you choose to work with a specialized mortgage broker or explore unique mortgage options like the Top Secret Mortgage, Edmonton welcomes you with open arms, ready to help you make this vibrant city your new home.