Newcomer to Canada: Here Are Some Mortgage Options!
Are you in Canada already, or have you not arrived yet?
Whatever the case may be, now is a great time to look into your options for understanding and obtaining a mortgage! There's no such thing as being too early or too late at looking into immigrant mortgage options.
Staying informed and having a good grasp of the steps and what's involved can prove beneficial to the home search and mortgage approval.
1. Determine How Much You Will Be Able to Afford
When you start the search, you need to know how much money you can afford to spend on a house. You don't have to settle for a house that costs exactly what you can afford.
A clear picture of your mortgage affordability lets you make an informed decision and plan before starting your search. Some online calculators can help you get an idea of how much a mortgage will cost and how much you can afford. It's a good idea to start saving up for a down payment at this point as well.
2. Build Your Credit History in Canada
Credit history is important no matter where you are in the world. Canada is no exception—especially when you're looking to take on a mortgage! Thankfully, you won't have to jump through hoops to start building your Canadian credit history. It's as simple as paying for your cable bills or even your phone bill!
Many banks also offer free credit cards to newcomers whose credit history is nonexistent. This helps to establish a credit history and get your credit score going.
3. Get a Mortgage Pre-approval
To acquire a more exact answer of the amount you can borrow for a mortgage, newcomers may want to get pre-qualified for a mortgage from a bank or lender. That way, you'll know the most that a lender is willing to let you borrow and the rate you will have to pay for your mortgage.
You will also receive a letter for pre-qualifying a mortgage that you can use when shopping for a house. The letter will let you know how much money you need to make a down payment on the house.
4. Find a Reputable Real Estate Agent
You may choose to work with an agent at a bank, a brokerage firm, or another real estate agent; ultimately, the choice is yours. It's essential to make sure that the person you hire has a good reputation and is invested in trying to help you find a home alongside making an offer.
Frequently Asked Mortgage Questions By Newcomers
When applying for a newcomers mortgage, can foreign rental income be used? It depends, but generally not. Will foreigners be able to get a mortgage in Canada? Yes, although it may be tough because there will be stringent requirements. Will immigration be possible by buying Canadian property? No, it makes no difference either way.
THE BOTTOM LINE
When migrating to Canada, there are several things to consider. Taking on a mortgage is one of them. Thankfully, the home search should go well with the right preparation and a reputable real estate agent.
Do you want to learn more about mortgage financing in Canada? Level Up Mortgages supports homebuyers and homeowners in attaining success in their mortgage journey with mortgage strategy, digital mortgage education, and introductions to all the other experts you need to succeed in home buying and your personal finance. To assist homebuyers and homeowners in purchasing or refinancing new homes, we work with premier banks and best-rate mortgage lenders in British Columbia and Ontario. Get in touch with us today!
See what you qualify for or contact Paul to get your pre-approval.
Paul Davidescu (www.levelupmortgages.com)
Level Up Mortgages
604-809-3188
paul(at)levelupmortgages.com
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