People often speak of attaining the American Dream, but what about the Canadian Dream? Like our neighbours to the south, our country offers many housing opportunities for newcomers. If you are new to Canada or are looking to immigrate here in the near future, there are mortgage options available to you.
Review the following list and see if you have any of the milestones needed to secure a mortgage in Canada:
You will also need certain documents to help you get a mortgage in Canada:
Besides the aforementioned documentation, you will need to have good credit to apply for a mortgage in Canada. Unfortunately, if you are new to the country you may not be able to prove that just yet. An optimal way to boost your credit score is to apply for a Canadian credit card. When you receive the card, make all your payments on time to show you are responsible and can handle debt.
If you have a credit report from a commonwealth country such as Australia, the United Kingdom and the United States, you may use that instead. Though, it is always best to establish credit in the country you live in just in case you need to take out loans or lines of credit.
Mortgages require down payments. You will need to produce at least 10% of your future home’s purchase price for the down payment.
A mortgage broker can answer all your questions and help those who are new to Canada in acquiring funding for their new homes. Meet with a mortgage broker and they will ensure you get the best rate and package for your situation. Just because you are new to Canada, doesn’t mean you shouldn’t be able to own your own home.
For those who are in the process of immigrating to Canada, you will not be able to get a mortgage quite yet. However, it is best to get the ball rolling as soon as you set up your new life here. Apply for Canadian credit cards, find full-time employment, and talk to a mortgage broker so that in the foreseeable future, the Canadian dream can be yours too.Back
Canada’s mortgage website
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
We All Need a Mortgage
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
Are you considering getting a reverse mortgage on your house? Read More
Your credit score can impact your eligibility for loans or credit cards and the interest rate you’ll have to pay on them. Read More
Most of us reach a point in life where we need more money than we have. Read More
Contacting local mortgage brokers and considering your home-buying options is an exciting process. Read More