As a newcomer to Canada, achieving your dream of homeownership is within reach, and a mortgage broker can be your trusted guide. Here's what you need to know in a nutshell:
1. Credit History: Start building your Canadian credit history early. Lenders want to see a reliable track record of payments.
2. Permanent Residency: Most lenders require permanent residency status. Ensure your immigration status aligns with their criteria.
3. Employment: Stable employment is crucial. Lenders typically require a steady income source, and your job history matters.
4. Down Payment: Prepare a down payment, typically around 5-20% of the home's value. The more you can put down, the better. If funds are coming from outside Canada check with your mortgage broker for lending regulations and time lines.
5. Mortgage Broker: Partner with a mortgage broker experienced in working with newcomers. They'll help navigate the Canadian mortgage landscape and connect you with lenders.
6. Documentation: Gather necessary documents, such as pay stubs, bank statements, and proof of residency. Your broker will guide you through the paperwork.
7. Mortgage Pre-Approval: Get pre-approved for a mortgage. It strengthens your offer when house hunting and gives you a clear budget.
8. Budget Wisely: Be mindful of your budget, including property taxes, insurance, and ongoing maintenance costs.
9. Interest Rates: Your mortgage broker will compare mortgage rates and terms to find the best fit for your financial situation.
10. Ask Questions: Don't hesitate to ask your mortgage broker any questions or seek advice throughout the process.
With the right preparation and guidance from a skilled mortgage broker, newcomers to Canada can turn their homeownership dreams into reality. Welcome home! 🏡🇨🇦
Contact The Mortgage Missus Inc. today to learn more!
Tonia Mercer | The Mortgage Missus Inc.
About the author,
Tonia Mercer is an independent mortgage broker. She has been in the industry for 15 years, in 2021 she launched her own brokerage The Mortgage Missus Inc.
Tonia is passionate about financial education and believes that working with independent experts is the best way to get unbiased, professional advice. She has joined forces with local independent home and auto, financial advisor, legal, appraiser and real estate service providers.Effectively creating a concierge service for all things financial and real estate.
Tonia donates a portion of all mortgage revenue to Mercer's Mission, a street dog and cat feeding mission in the Dominican Republic. https://www.facebook.com/mercersmission
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