Tips for newcomers: How to purchase your first home in Canada
Immigrants come to Canada all through the year, but the numbers increase significantly in the summer months. School year ends in India and elsewhere and newcomers typically plan their arrival for July or August to give themselves a little time to settle in before the new school year begins here in September.
One of the first requirements is accommodation. While many choose to rent in their first months, there are those who come with enough funds to buy, and with banks facilitating mortgages for newcomers, their first home in Canada is soon a reality.
Becoming a homeowner can be very exciting but, at the same time, can also feel a little intimidating.
Some of the most common questions asked by newcomers are:
“Do I qualify for a mortgage?”
“What’s a pre-approval?”
“How is buying a home in Canada different from my home country?”
The top five concerns newcomers have are:
1. Getting approved for a mortgage: 31 per cent.
2. Making the down payment on their home: 18 per cent.
3. Making the regular monthly mortgage payments: 16 per cent.
4. House prices rising in the next two years: 14 per cent.
5. Mortgage rates going up: 14 per cent.
There are a lot of uncertainties that come with buying a home, which is why it’s important to know the right questions to ask.
• How much can I actually afford?
• What are the best mortgage options for me and my financial situation?
• How much do I have for a down payment and how much will I need?
• What are closing costs and how much do I need to set aside?
– News Canada
Posted: Jul 30, 2013