Home »
Home ownership for new Canadians
By Riki Unrau
It is no secret that Canada is an amazing place to live. From our breathtaking mountain views to scenic ocean outlooks our diverse landscape encompasses a little bit of everything.
So it comes as no surprise that Canada is ranked as number eight in terms of yearly immigration rates. However, these new comers often find themselves unaware of the programs in place to help them get off to the right start in our housing market. So for all of the new Canadians out there let us break it down and show just how easy it is to become a property-owning citizen.
The main points of consideration for newcomers are down payment and credit history. The latter may be tricky as new Canadians have not had much of a chance to build some established credit. But where there is a will there is a way. Most lenders will allow a three-month employment history and one of the following:
– A credit report from your home country.
– A letter from your landlord confirming timely rent payments as well as bank statements to prove the monthly transaction.
– A 12-month bank statement history showing regular payments such as cell phone, utilities, insurance or cable along with a letter of reference from your bank.
The best bet is to begin establishing credit as soon as you are able. This shows the lenders that you are serious about becoming a citizen and are dedicated to building a life here.
The other important aspect of a mortgage application is your down payment. The minimum is five per cent of the purchase price although some lenders may require up to 10% depending on the situation.
If you are new to Canada and are looking to purchase a home of your very own here then it is best to meet with a mortgage broker who can guide you along the process to home ownership.
It is easier than you might think and, before you know it, you can begin laying down those roots in Canadian soil.
– Riki Unrau is a Mortgage Broker with Invis Williams and Associates, located at 828C Baker Street, Cranbrook, BC V1C 1A2 – 250-919-6402. For more try: rikiunrau.com
