Buying a home in Canada
One of the ultimate goals of immigrants is to buy their own home.
In order to qualify for a large loan from lenders, such as a future mortgage for a home purchase, newcomers need to start establishing their credit score in this new country. Aside from using your credit cards regularly, we can share with you additional strategies you could do in your daily life to build credit.
With tightening of mortgage rules in recent years, it’s good to start a conversation with us early to develop a plan to save for your house down payment. We would recommend saving at least 20% down payment, to avoid paying for additional mortgage default insurance. There are also one-time home purchase closing costs (home inspection, legal, land transfer fees) which range from 1.5% – 4% which you should also be prepared for. We will also want to check that you’re prepared for regular costs of maintaining a home, which includes mortgage payments, heating bills, utility bills, property taxes, and home insurance.
When you’re ready to proceed, we can introduce you to knowledgeable mortgage professionals and realtors. Mortgage professionals can advise you on the different mortgage products available that may suit your needs.