Buying a house when moving to another town/city

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tiffanywelch

New Member
Hello all.
I have a question regarding buying a home. My wife and I live in Happy Valley-Goose Bay, NL, and the prices of homes here are really high. We moved here to live with our family in order to save money for a down payment on a home. We are planning on moving back to PEI or another maritime province, where the cost of living is relatively cheap, in the next year or so. What I want to know is, will it be possible to get a mortgage on a house in PEI, for example, while we live here in HVGB? Will we have to live in our new city/town for two years or whatever the recommended time is before we can hope to get a mortgage? We plan on having a 20% down payment and are not opposed to buying it as a rental property first while we continue to live in NL for a little longer - if that would help.

We have never owned a home before; she is a school teacher and I work for non-profit community-based organizations.

So to state it a little more clearly: can you buy your first home in another town/city?

I feel like I already know the answer but figured I'd throw it out there as it's something that's been bugging me lately and I'm having a hard time finding the answer online.
 

tiffanywelch

New Member
Hello all.
I have a question regarding buying a home. My wife and I live in Happy Valley-Goose Bay, NL, and the prices of homes here are really high. We moved here to live with our family in order to save money for a down payment on a home. We are planning on moving back to PEI or another maritime province, where the cost of living is relatively cheap, in the next year or so. What I want to know is, will it be possible to get a mortgage on a house in PEI, for example, while we live here in HVGB? Will we have to live in our new city/town for two years or whatever the recommended time is before we can hope to get a mortgage? We plan on having a 20% down payment and are not opposed to buying it as a rental property first while we continue to live in NL for a little longer - if that would help.

We have never owned a home before; she is a school teacher and I work for non-profit community-based organizations.

So to state it a little more clearly: can you buy your first home in another town/city?

I feel like I already know the answer but figured I'd throw it out there as soller mallorca it's something that's been bugging me lately and I'm having a hard time finding the answer online.
Thanks for any help in this regard - greatly appreciated!
 
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